Crossmark Global Holdings Inc. Grows Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Crossmark Global Holdings increased its Best Buy stake by 199.8% in the fourth quarter, ending with 36,342 shares valued at about $2.43 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 80.96% of Best Buy’s shares. Several other firms also raised their positions during recent quarters.
• Analysts are broadly cautious on BBY: the stock has an average rating of "Hold" and an average price target of $71.75, while Best Buy recently beat EPS estimates but missed revenue expectations and raised its quarterly dividend to $0.96 per share.

Crossmark Global Holdings Inc. boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 199.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,342 shares of the technology retailer's stock after acquiring an additional 24,219 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Best Buy were worth $2,432,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BBY. Woodline Partners LP boosted its holdings in Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock worth $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock worth $1,984,000 after acquiring an additional 1,234 shares during the period. Investment Management Corp of Ontario boosted its stake in shares of Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC grew its position in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock worth $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock worth $21,051,000 after buying an additional 76,102 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent analyst reports. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 4th. Truist Financial decreased their price target on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating for the company in a research report on Tuesday, March 3rd. Weiss Ratings downgraded shares of Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday. Piper Sandler reissued a "buy" rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Daiwa Securities Group decreased their price target on shares of Best Buy from $80.00 to $68.00 and set a "neutral" rating for the company in a research report on Thursday, March 5th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $71.75.

Best Buy Stock Performance

Shares of BBY opened at $57.64 on Tuesday. The business's fifty day moving average price is $62.85 and its 200 day moving average price is $68.71. Best Buy Co., Inc. has a 12-month low of $56.68 and a 12-month high of $84.99. The stock has a market capitalization of $12.14 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.47 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm had revenue of $13.81 billion for the quarter, compared to analysts' expectations of $13.96 billion. During the same period last year, the business posted $2.58 earnings per share. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 6.7%. This is a boost from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. Best Buy's dividend payout ratio (DPR) is 76.19%.

Insider Activity

In related news, insider Todd G. Hartman sold 5,339 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $341,802.78. Following the transaction, the insider directly owned 44,098 shares in the company, valued at $2,823,153.96. This trade represents a 10.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the transaction, the executive vice president owned 102,669 shares in the company, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 77,247 shares of company stock valued at $4,945,353 over the last three months. 0.59% of the stock is currently owned by company insiders.

Best Buy Profile

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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