Best Buy Co., Inc. $BBY Shares Purchased by Erste Asset Management GmbH

Key Points

• Erste Asset Management GmbH increased its Best Buy stake by 23.4% in the fourth quarter, buying 17,900 more shares and bringing its total holding to 94,460 shares worth about $6.4 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus estimates of $1.23 and revenue of $8.94 billion versus $8.82 billion expected. The company also reaffirmed FY2027 guidance of 6.300-6.600 EPS.
• The board declared a quarterly dividend of $0.96 per share, payable July 9, for an annualized yield of about 5.2%. Meanwhile, insiders sold shares recently, including CEO Corie S. Barry and CAO Mathew Watson.

Erste Asset Management GmbH boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 23.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,460 shares of the technology retailer's stock after purchasing an additional 17,900 shares during the quarter. Erste Asset Management GmbH's holdings in Best Buy were worth $6,414,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Best Buy by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer's stock worth $1,623,409,000 after purchasing an additional 307,905 shares during the period. AQR Capital Management LLC boosted its holdings in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after purchasing an additional 3,496,254 shares during the period. Northern Trust Corp boosted its holdings in Best Buy by 5.5% in the third quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer's stock worth $218,441,000 after purchasing an additional 150,871 shares during the period. Norges Bank acquired a new position in Best Buy in the fourth quarter worth $174,685,000. Finally, Bank of New York Mellon Corp boosted its holdings in Best Buy by 26.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,218,885 shares of the technology retailer's stock worth $148,510,000 after purchasing an additional 464,041 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, CEO Corie S. Barry sold 42,869 shares of Best Buy 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 sale, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 579,381 shares of company stock valued at $43,163,654. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

Shares of NYSE BBY opened at $74.03 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The firm's 50-day simple moving average is $63.49 and its 200 day simple moving average is $66.66. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $15.60 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.90 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business 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 business earned $1.15 earnings per share. The company's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Thursday, June 18th. Best Buy's payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the stock a "sell" rating in a report on Friday, May 29th. Piper Sandler reiterated a "neutral" rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Truist Financial raised their target price on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a research note on Friday, May 29th. BNP Paribas Exane raised their target price on Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Finally, Jefferies Financial Group raised their target price on Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $79.05.

About Best Buy

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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