Brandywine Global Investment Management LLC Increases Position in Best Buy Co., Inc. $BBY

Key Points

• Brandywine Global Investment Management LLC increased its stake in Best Buy by 41.9%, acquiring an additional 80,337 shares during the first quarter, bringing its total holdings to nearly 272,000 shares.
• Best Buy reported earnings of $1.15 per share for the most recent quarter, surpassing analysts' estimates, despite a 0.9% year-over-year decline in revenue.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized dividend yield of 5.3% and a payout ratio of approximately 92.91%.

Brandywine Global Investment Management LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 41.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 271,999 shares of the technology retailer's stock after buying an additional 80,337 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.13% of Best Buy worth $20,022,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BBY. Pinnacle Bancorp Inc. lifted its stake in Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in shares of Best Buy during the 4th quarter worth $31,000. Ancora Advisors LLC lifted its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares during the period. Grove Bank & Trust lifted its stake in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC lifted its stake in shares of Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after purchasing an additional 141 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Trading Down 2.5%

Shares of BBY traded down $1.8410 during trading hours on Wednesday, hitting $72.2590. The stock had a trading volume of 1,516,677 shares, compared to its average volume of 3,614,475. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a market cap of $15.27 billion, a P/E ratio of 17.71, a P/E/G ratio of 1.90 and a beta of 1.21. The company's fifty day simple moving average is $69.19 and its 200 day simple moving average is $72.04. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%.The firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same period in the prior year, the firm earned $1.20 EPS. The firm's quarterly revenue was down .9% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.3%. Best Buy's dividend payout ratio (DPR) is 92.91%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on BBY. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Wells Fargo & Company reduced their price target on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Wedbush reduced their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Loop Capital reduced their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Truist Financial increased their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Best Buy presently has an average rating of "Hold" and a consensus price target of $85.72.

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.