Cinctive Capital Management LP Increases Stake in Best Buy Co., Inc. $BBY

Key Points

• Cinctive Capital Management LP increased its stake in Best Buy by 1,754.5%, acquiring an additional 56,881 shares during the first quarter, bringing its total holdings to 60,123 shares valued at $4.43 million.
• Best Buy's recent quarterly earnings exceeded analysts' expectations, reporting $1.28 EPS and $9.44 billion in revenue, both surpassing consensus estimates.
• The company declared a quarterly dividend of $0.95 with a yield of 5.1%, indicating a payout ratio of 104.97%.

Cinctive Capital Management LP boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1,754.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,123 shares of the technology retailer's stock after purchasing an additional 56,881 shares during the quarter. Cinctive Capital Management LP's holdings in Best Buy were worth $4,426,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its holdings in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after purchasing an additional 998,021 shares in the last quarter. AQR Capital Management LLC increased its position in Best Buy by 36.5% in the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after acquiring an additional 671,408 shares during the period. Nuveen LLC purchased a new stake in Best Buy in the 1st quarter worth approximately $39,579,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after purchasing an additional 408,605 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Best Buy during the fourth quarter valued at $29,090,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of BBY traded down $0.41 during trading hours on Tuesday, hitting $77.18. The company had a trading volume of 1,210,470 shares, compared to its average volume of 3,659,806. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.48. The firm has a market cap of $16.31 billion, a price-to-earnings ratio of 21.31, a PEG ratio of 2.00 and a beta of 1.19. The business has a fifty day moving average of $70.75 and a 200-day moving average of $70.59.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities analysts anticipate 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. Stockholders of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research analyst reports. UBS Group reduced their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Wells Fargo & Company upped their price target on shares of Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Barclays restated an "equal weight" rating and set a $74.00 target price on shares of Best Buy in a report on Friday, August 29th. Guggenheim reiterated a "buy" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Finally, Bank of America dropped their price target on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research note on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Best Buy presently has an average rating of "Hold" and an average target price of $82.59.

Insider Activity

In other news, CAO Mathew Watson sold 2,018 shares of the company's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, the chief accounting officer directly owned 20,132 shares of the company's stock, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction dated Wednesday, September 3rd. The stock was 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. Insiders have sold 201,833 shares of company stock worth $14,941,472 in the last three months. Corporate insiders own 0.59% of the company's stock.

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.