Best Buy Co., Inc. $BBY Shares Bought by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its Best Buy stake by 178.3% in the first quarter, ending with 59,162 shares valued at about $3.78 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus $1.23 expected and revenue of $8.94 billion versus $8.82 billion expected, while quarterly revenue rose 1.9% year over year.
• Despite the solid earnings and a 4.5% dividend yield, insiders have been selling shares, including Chairman Richard M. Schulze, and analysts still rate the stock a consensus "Hold" with an average price target of $79.50.

Mediolanum International Funds Ltd lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 178.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,162 shares of the technology retailer's stock after purchasing an additional 37,901 shares during the quarter. Mediolanum International Funds Ltd's holdings in Best Buy were worth $3,781,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Arjuna Capital boosted its stake in Best Buy by 4.2% during the first quarter. Arjuna Capital now owns 21,540 shares of the technology retailer's stock valued at $1,383,000 after buying an additional 867 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in Best Buy by 32.6% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,502 shares of the technology retailer's stock worth $98,000 after acquiring an additional 369 shares in the last quarter. Kera Capital Partners Inc. lifted its holdings in Best Buy by 75.9% in the 1st quarter. Kera Capital Partners Inc. now owns 8,391 shares of the technology retailer's stock valued at $539,000 after acquiring an additional 3,621 shares during the last quarter. Gallacher Capital Management LLC acquired a new stake in Best Buy in the 1st quarter valued at about $547,000. Finally, Financiere des Professionnels Fonds d investissement inc. boosted its position in shares of Best Buy by 1,526.5% during the 1st quarter. Financiere des Professionnels Fonds d investissement inc. now owns 26,024 shares of the technology retailer's stock valued at $1,671,000 after purchasing an additional 24,424 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Stock Down 0.4%

BBY stock opened at $85.11 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The firm has a market capitalization of $17.94 billion, a P/E ratio of 15.76, a P/E/G ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $87.35. The company's 50 day simple moving average is $73.26 and its 200-day simple moving average is $67.70.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy's payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a report on Monday, June 22nd. Weiss Ratings upgraded shares of Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 11th. Wedbush increased their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Wells Fargo & Company raised their price objective on Best Buy from $60.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 28th. Finally, Truist Financial lifted their target price on Best Buy from $66.00 to $81.00 and gave the stock a "hold" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Best Buy presently has an average rating of "Hold" and an average price target of $79.50.

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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