13,451 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Bayforest Capital Ltd

Bayforest Capital Ltd acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 13,451 shares of the technology retailer's stock, valued at approximately $990,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new position in shares of Best Buy in the 1st quarter valued at $1,533,000. Banque Cantonale Vaudoise acquired a new position in Best Buy in the 1st quarter worth about $2,021,000. Federated Hermes Inc. raised its position in Best Buy by 3.3% in the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock valued at $122,577,000 after purchasing an additional 52,550 shares during the last quarter. Cozad Asset Management Inc. boosted its stake in shares of Best Buy by 5.1% during the first quarter. Cozad Asset Management Inc. now owns 27,825 shares of the technology retailer's stock valued at $2,048,000 after purchasing an additional 1,351 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Best Buy by 27.1% during the first quarter. Mackenzie Financial Corp now owns 68,988 shares of the technology retailer's stock worth $5,078,000 after purchasing an additional 14,714 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock traded down $0.95 during trading hours on Friday, hitting $64.11. 3,188,714 shares of the company were exchanged, compared to its average volume of 3,677,252. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $13.55 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 1.74 and a beta of 1.24. The firm has a fifty day simple moving average of $69.45 and a 200 day simple moving average of $73.46. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter last year, the company earned $1.20 earnings per share. The company's revenue was down .9% on a year-over-year basis. Research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

Analysts Set New Price Targets

Several analysts recently weighed in on BBY shares. Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. UBS Group cut their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Piper Sandler reiterated a "neutral" rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Citigroup reissued a "neutral" rating and issued a $70.00 price objective (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Wedbush decreased their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $85.72.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

Best Buy 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.