Ieq Capital LLC Has $4.63 Million Holdings in Best Buy Co., Inc. $BBY

Key Points

• Ieq Capital LLC increased its stake in Best Buy by 32.2%, owning a total of 62,880 shares valued at approximately $4.63 million.
• Best Buy reported earnings per share of $1.28 for the last quarter, surpassing estimates, and had a slight revenue increase of 1.6% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, providing an annualized yield of 5.2% for shareholders.

Ieq Capital LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 32.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,880 shares of the technology retailer's stock after purchasing an additional 15,306 shares during the period. Ieq Capital LLC's holdings in Best Buy were worth $4,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pinnacle Bancorp Inc. raised its position in Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Best Buy during the fourth quarter valued at $31,000. Ancora Advisors LLC raised its position in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after buying an additional 374 shares during the period. Grove Bank & Trust raised its position in Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares during the period. Finally, LRI Investments LLC raised its position in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after buying an additional 141 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BBY shares. Bank of America dropped their price target on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research report on Friday. Evercore ISI upped their price target on Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a research report on Friday. Barclays reaffirmed an "equal weight" rating and issued a $74.00 target price on shares of Best Buy in a research report on Friday. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research note on Friday. Finally, Citigroup reiterated a "buy" rating on shares of Best Buy in a research note on Thursday, August 28th. Ten investment 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $84.44.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Best Buy stock traded up $0.75 during trading hours on Tuesday, hitting $74.39. The stock had a trading volume of 4,837,632 shares, compared to its average volume of 3,675,677. The company has a 50-day moving average of $69.97 and a two-hundred day moving average of $71.11. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The company has a market cap of $15.72 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.95 and a beta of 1.19. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the prior year, the firm posted $1.34 EPS. The company'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. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

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.