Osmosis Investment Management UK Ltd bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,749 shares of the technology retailer's stock, valued at approximately $2,333,000.
Several other hedge funds and other institutional investors have also bought and sold shares of BBY. Woodline Partners LP raised its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario boosted its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC grew its position in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock worth $10,779,000 after buying an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock worth $21,051,000 after buying an additional 76,102 shares during the last quarter. Institutional investors own 80.96% of the company's stock.
Insiders Place Their Bets
In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by company insiders.
Best Buy Stock Up 0.2%
BBY stock opened at $86.07 on Monday. The stock has a market capitalization of $18.14 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average of $82.15 and a 200 day moving average of $70.76.
Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $8.82 billion. During the same quarter in the prior year, the business posted $1.15 EPS. Best Buy's revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.57 earnings per share for the current year.
Best Buy Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy's dividend payout ratio (DPR) is 71.11%.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Best Buy from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Jefferies Financial Group downgraded shares of Best Buy from a "buy" rating to a "hold" rating and lowered their target price for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. UBS Group reaffirmed a "neutral" rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. BNP Paribas Exane upped their price target on Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Finally, Bank of America initiated coverage on Best Buy in a report on Monday, August 3rd. They set an "underperform" rating and a $80.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $83.10.
Read Our Latest Stock Report on Best Buy
Best Buy Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).
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