Bayforest Capital Ltd Makes New Investment in Best Buy Co., Inc. $BBY

Key Points

• Bayforest Capital Ltd acquired 13,451 shares of Best Buy Co., Inc. for approximately $990,000 in the first quarter, highlighting increased institutional investment in the company.
• Best Buy's latest earnings report revealed $1.28 earnings per share, exceeding analyst expectations, with revenues of $9.44 billion.
• The company announced a quarterly dividend of $0.95, scheduled for payment on October 9th, resulting in an annualized dividend yield of 4.9%.

Bayforest Capital Ltd bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,451 shares of the technology retailer's stock, valued at approximately $990,000.

A number of other large investors have also recently bought and sold shares of BBY. Pinnacle Bancorp Inc. lifted its holdings in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $31,000. Grove Bank & Trust increased its stake in shares of Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the period. LRI Investments LLC increased its stake in shares of Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares during the period. Finally, Tompkins Financial Corp acquired a new stake in shares of Best Buy in the first quarter valued at approximately $48,000. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,715 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock worth $14,941,472 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on BBY shares. Loop Capital dropped their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, August 29th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. increased their target price on shares of Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Finally, Truist Financial upped their price target on shares of Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $82.59.

Best Buy Price Performance

Shares of Best Buy stock traded up $1.83 on Thursday, hitting $78.44. The company had a trading volume of 2,720,633 shares, compared to its average volume of 3,746,860. The business has a 50-day simple moving average of $71.11 and a 200-day simple moving average of $70.60. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The company has a market cap of $16.48 billion, a PE ratio of 21.67, a PEG ratio of 2.02 and a beta of 1.19. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the firm earned $1.34 EPS. The business's revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.8%. Best Buy's dividend payout ratio is currently 104.97%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.