Best Buy Co., Inc. $BBY Shares Purchased by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its Best Buy stake by 53.1% in the first quarter, ending with 905,844 shares valued at about $58.2 million.
• Best Buy reported quarterly earnings of $1.28 EPS, beating estimates, on revenue of $8.94 billion, also above expectations and up 1.9% year over year.
• The company recently paid a $0.96 quarterly dividend for an annualized yield of about 4.5%, while analysts currently rate the stock a consensus “Hold” with an average target price of $79.50.

First Trust Advisors LP raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 53.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 905,844 shares of the technology retailer's stock after buying an additional 314,046 shares during the period. First Trust Advisors LP owned approximately 0.43% of Best Buy worth $58,155,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after acquiring an additional 3,496,254 shares in the last quarter. Norges Bank acquired a new stake in shares of Best Buy during the fourth quarter worth $174,685,000. Schroder Investment Management Group lifted its holdings in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock valued at $207,216,000 after purchasing an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after purchasing an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock valued at $70,464,000 after purchasing an additional 785,294 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Up 1.0%

Shares of NYSE:BBY opened at $85.26 on Friday. The firm has a fifty day moving average of $75.59 and a two-hundred day moving average of $68.19. The firm has a market capitalization of $17.97 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $87.35. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating 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 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 company posted $1.15 EPS. Best Buy'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. On average, equities analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BBY shares. Wall Street Zen cut Best Buy from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. Morgan Stanley upped their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, June 11th. DA Davidson reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, June 22nd. Finally, Wedbush boosted their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $79.50.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company's stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. Corporate insiders own 0.50% of the company's stock.

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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