Aigen Investment Management LP Invests $1.54 Million in Best Buy Co., Inc. $BBY

Key Points

• Aigen Investment Management disclosed a new fourth-quarter stake in Best Buy, buying 23,039 shares worth about $1.54 million. Other institutional investors also added to or built positions in BBY, and institutions now own 80.96% of the stock.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus estimates of $1.23 and revenue of $8.94 billion versus expectations of $8.82 billion. The company also raised its FY2027 EPS guidance to 6.30–6.60.
• The stock was trading near $78.70, close to its 12-month high of $84.99, while analysts remain cautious overall with a Hold consensus and average price target of $79.05. Best Buy also announced a quarterly dividend of $0.96 per share, implying a 4.9% annual yield.

Aigen Investment Management LP acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,039 shares of the technology retailer's stock, valued at approximately $1,542,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter valued at approximately $25,000. Torren Management LLC bought a new position in Best Buy during the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy during the fourth quarter valued at approximately $29,000. Quest 10 Wealth Builders Inc. lifted its position in Best Buy by 239.2% during 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. Finally, Activest Wealth Management lifted its position in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer's stock valued at $31,000 after purchasing an additional 424 shares during the period. Institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on BBY. HSBC reduced their target price on shares of Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Citigroup upped their target price on shares of Best Buy from $60.00 to $79.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Wedbush upped their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Wells Fargo & Company upped their target price on shares of Best Buy from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Thursday, May 28th. Finally, The Goldman Sachs Group upped their target price on shares of Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $79.05.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the sale, the chief executive officer directly owned 523,138 shares of the company's stock, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 11,356 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 579,381 shares of company stock valued at $43,163,654. Company insiders own 0.47% of the company's stock.

Best Buy Stock Up 2.1%

Shares of BBY stock opened at $78.70 on Friday. The company has a 50 day simple moving average of $64.51 and a two-hundred day simple moving average of $66.77. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.59 billion, a P/E ratio of 14.57, a P/E/G ratio of 2.09 and a beta of 1.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

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

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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