Voleon Capital Management LP Raises Position in Best Buy Co., Inc. $BBY

Key Points

• Voleon Capital Management LP significantly increased its holdings in Best Buy by 718.3%, acquiring a total of 21,972 shares valued at approximately $1.62 million.
• Best Buy has announced a quarterly dividend of $0.95, which will be paid on October 9th, representing an annual yield of 4.9%.
• Recent analysts' ratings for Best Buy show a consensus price target of $82.59, with mixed ratings including nine "buy", nine "hold", and one "sell" recommendation.

Voleon Capital Management LP grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 718.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,972 shares of the technology retailer's stock after acquiring an additional 19,287 shares during the period. Voleon Capital Management LP's holdings in Best Buy were worth $1,617,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its position in Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after purchasing an additional 13,378 shares in the last quarter. GAMMA Investing LLC raised its stake in Best Buy by 5,519.3% in the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after buying an additional 170,050 shares in the last quarter. Rhumbline Advisers raised its stake in Best Buy by 10.2% in the first quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after buying an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. bought a new position in Best Buy in the first quarter worth approximately $1,574,000. Finally, Alberta Investment Management Corp raised its stake in Best Buy by 25.6% in the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY traded up $1.83 during mid-day trading on Thursday, hitting $78.44. The stock had a trading volume of 2,720,633 shares, compared to its average volume of 3,746,860. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The company has a 50 day moving average of $71.11 and a two-hundred day moving average of $70.60. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.48. The firm has a market cap of $16.48 billion, a PE ratio of 21.67, a PEG ratio of 2.02 and a beta of 1.19.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (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 for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the firm earned $1.34 EPS. The firm's revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Research analysts predict 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. Shareholders of record on Thursday, September 18th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio is presently 104.97%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares of the company's stock, valued at $1,545,332.32. The trade was a 9.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent research reports. Piper Sandler reissued a "neutral" rating and issued a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Loop Capital reduced their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. BNP Paribas raised Best Buy to a "hold" rating in a research report on Friday, May 30th. Bank of America dropped their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research note on Friday, August 29th. Finally, Evercore ISI boosted their target price on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research note on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $82.59.

About Best Buy

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.