Entropy Technologies LP boosted its holdings in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 111.1% in the 1st quarter, HoldingsChannel reports. The fund owned 46,236 shares of the technology retailer’s stock after acquiring an additional 24,331 shares during the quarter. Entropy Technologies LP’s holdings in Best Buy were worth $2,968,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Torren Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy in the 4th quarter valued at about $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on BBY. DA Davidson reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. Piper Sandler restated a “neutral” rating and issued a $77.00 price target on shares of Best Buy in a report on Thursday, May 28th. Daiwa Securities Group raised their price objective on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company lifted their price objective on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, May 28th. Finally, UBS Group reiterated a “neutral” rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $79.50.
Best Buy Stock Up 1.0%
BBY stock opened at $85.26 on Friday. The stock has a market capitalization of $17.97 billion, a P/E ratio of 15.79, a PEG ratio of 2.27 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $87.35. The company has a 50 day moving average price of $75.59 and a two-hundred day moving average price of $68.19.
Best Buy (NYSE:BBY – Get Free Report) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. 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 Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.
Insider Buying and Selling at Best Buy
In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last three months. Corporate insiders own 0.50% of the company’s stock.
Best Buy Company 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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