AlphaQuest LLC Has $1.79 Million Stake in Best Buy Co., Inc. $BBY

Key Points

• AlphaQuest LLC increased its Best Buy stake by 664.4% in the fourth quarter, ending with 26,664 shares worth about $1.79 million.
• Several other institutional investors also added to or initiated positions, and institutional ownership stands at 80.96% of Best Buy’s shares.
• Best Buy insiders, including CEO Corie S. Barry, sold shares recently, while analysts currently rate the stock a Hold with a consensus price target of $70.25.

AlphaQuest LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 664.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,664 shares of the technology retailer's stock after purchasing an additional 23,176 shares during the period. AlphaQuest LLC's holdings in Best Buy were worth $1,785,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Palisade Asset Management LLC acquired a new stake in Best Buy in the third quarter valued at $25,000. Torren Management LLC bought a new stake in Best Buy during the fourth quarter valued at $25,000. Root Financial Partners LLC bought a new stake in Best Buy during the third quarter valued at $32,000. Quest 10 Wealth Builders Inc. boosted 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 acquiring an additional 311 shares during the last quarter. Finally, Activest Wealth Management boosted 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 acquiring an additional 424 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Todd G. Hartman sold 5,339 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the transaction, the insider owned 44,098 shares of the company's stock, valued at approximately $2,823,153.96. This trade represents a 10.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 77,247 shares of company stock worth $4,945,353 in the last 90 days. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BBY. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 4th. Truist Financial cut their price target on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating on the stock in a research report on Tuesday, March 3rd. Wells Fargo & Company cut their price target on shares of Best Buy from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 14th. Weiss Ratings cut shares of Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Finally, Piper Sandler reaffirmed a "buy" rating on shares of Best Buy in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $70.25.

Best Buy Price Performance

BBY stock opened at $64.54 on Thursday. The stock has a market capitalization of $13.60 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22. The company's 50-day moving average is $61.74 and its 200-day moving average is $66.83. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion for the quarter, compared to analysts' expectations of $13.96 billion. During the same quarter in the prior year, the firm earned $2.58 EPS. The business's revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Tuesday, March 24th. This is a positive change from Best Buy's previous quarterly dividend of $0.95. Best Buy's payout ratio is 76.19%.

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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