Westerkirk Capital Inc. boosted its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 76.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,500 shares of the technology retailer’s stock after acquiring an additional 11,500 shares during the period. Westerkirk Capital Inc.’s holdings in Best Buy were worth $1,774,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after acquiring an additional 307,905 shares during the last quarter. AQR Capital Management LLC grew its stake in Best Buy by 99.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after acquiring an additional 3,496,254 shares during the last quarter. Northern Trust Corp grew its stake in Best Buy by 5.5% in the 3rd quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer’s stock valued at $218,441,000 after acquiring an additional 150,871 shares during the last quarter. Norges Bank acquired a new stake in shares of Best Buy during the 4th quarter worth about $174,685,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 26.4% during the 4th quarter. Bank of New York Mellon Corp now owns 2,218,885 shares of the technology retailer’s stock worth $148,510,000 after purchasing an additional 464,041 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 579,381 shares of company stock valued at $43,163,654. 0.59% of the stock is currently owned by corporate insiders.
Best Buy Price Performance
Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the company earned $1.15 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.
Best Buy Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 5.2%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on BBY shares. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. The Goldman Sachs Group raised their price target on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Wedbush raised their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Morgan Stanley raised their price target on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Finally, Citigroup raised their price target on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $79.05.
View Our Latest Stock Analysis on BBY
Best Buy Profile
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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