576,015 Shares in Best Buy Co., Inc. $BBY Acquired by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR S.p.A. initiated a new position in Best Buy, buying 576,015 shares worth about $38.6 million in the fourth quarter and owning roughly 0.27% of the company.
• Best Buy’s latest quarter was solid, with EPS of $1.28 and revenue of $8.94 billion, both ahead of expectations, while comparable sales rose 2.0%.
• The company reaffirmed full-year guidance and kept its quarterly dividend at $0.96 per share, as analysts mostly maintained cautious-to-positive views with an average rating of Hold and an average target price of $78.60.

Eurizon Capital SGR S.p.A. bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 576,015 shares of the technology retailer's stock, valued at approximately $38,556,000. Eurizon Capital SGR S.p.A. owned about 0.27% of Best Buy as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its holdings in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after buying an additional 3,496,254 shares during the last quarter. KBC Group NV lifted its holdings in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock worth $70,464,000 after buying an additional 785,294 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer's stock worth $51,614,000 after buying an additional 766,006 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Best Buy during the third quarter worth approximately $55,475,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Best Buy by 2,683.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer's stock worth $52,381,000 after buying an additional 667,801 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported Q1 adjusted EPS of $1.28, above estimates of $1.22, and revenue of $8.94 billion, also ahead of forecasts, with comparable sales rising 2.0%. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: The company reaffirmed its full-year guidance and highlighted improving margins and stronger demand in gaming, computing, and cellphones, suggesting the turnaround is gaining traction. Best Buy Reports First Quarter Results
• Positive Sentiment: Several analyst firms raised price targets after the earnings release, including Jefferies, Loop Capital, Guggenheim, Morgan Stanley, Citigroup, and others, indicating improving sentiment around the stock. Analyst rating updates
• Positive Sentiment: Retail-industry news also pointed to selective consumer spending still favoring value-focused names like Best Buy, adding to the rally. Retail Rally Sends Kohl's, Best Buy, Dollar Tree Up As Much As 18%
• Neutral Sentiment: DA Davidson reaffirmed its buy rating but set a $78 price target, which is roughly in line with the current share price and does not materially change the valuation debate. DA Davidson rating reaffirmation
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, reinforcing its income appeal for investors. Dividend announcement

Insider Transactions at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the company's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares in the company, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on BBY. Truist Financial upped their price target on Best Buy from $66.00 to $81.00 and gave the stock a "hold" rating in a report on Friday. Guggenheim reiterated a "buy" rating and set a $90.00 price target on shares of Best Buy in a report on Friday. Daiwa Securities Group cut their price target on Best Buy from $80.00 to $68.00 and set a "neutral" rating for the company in a report on Thursday, March 5th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Wells Fargo & Company boosted their price objective on Best Buy from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Thursday. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of "Hold" and an average target price of $78.60.

Best Buy Stock Performance

BBY opened at $78.16 on Friday. The stock has a market cap of $16.47 billion, a PE ratio of 14.47, a P/E/G ratio of 1.93 and a beta of 1.22. The company has a current ratio of 1.12, a quick ratio of 0.43 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The stock's 50 day simple moving average is $62.29 and its 200-day simple moving average is $66.88.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $8.94 billion for the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy's quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.15 earnings per share. 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 6.5 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy's dividend payout ratio is 71.11%.

About Best Buy

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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