DoubleLine ETF Adviser LP Invests $354,000 in Best Buy Co., Inc. $BBY

Key Points

• DoubleLine ETF Adviser LP purchased 4,815 shares of Best Buy Co., Inc. ($BBY) valued at approximately $354,000 in the first quarter.
• Best Buy recently beat analysts' earnings expectations with an EPS of $1.28, surpassing the consensus estimate of $1.22, and reported revenue of $9.44 billion.
• The company announced a quarterly dividend of $0.95 per share, representing an annualized yield of 4.9%, with shareholders of record set for September 18th.

DoubleLine ETF Adviser LP bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,815 shares of the technology retailer's stock, valued at approximately $354,000.

Other hedge funds have also bought and sold shares of the company. Pinnacle Bancorp Inc. grew its stake in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at about $31,000. Ancora Advisors LLC grew 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 valued at $32,000 after purchasing an additional 374 shares during the period. Grove Bank & Trust grew 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 valued at $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC grew 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 valued at $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.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BBY shares. Barclays restated an "equal weight" rating and set a $74.00 price target on shares of Best Buy in a research note on Friday, August 29th. Wedbush boosted their price target on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Loop Capital cut their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 30th. UBS Group cut their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Finally, Bank of America cut their price objective on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a research note on Friday, August 29th. Nine investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $82.59.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,715 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the transaction, the chief accounting officer directly owned 22,150 shares of the company's stock, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction that occurred on 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. Over the last three months, insiders sold 201,833 shares of company stock worth $14,941,472. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

NYSE BBY traded down $0.76 during trading hours on Wednesday, reaching $76.26. The company's stock had a trading volume of 1,165,414 shares, compared to its average volume of 3,654,738. The firm's 50-day moving average price is $70.88 and its 200-day moving average price is $70.63. 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 1 year low of $54.99 and a 1 year high of $103.48. The company has a market capitalization of $16.12 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.04 and a beta of 1.19.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. During the same period in the previous year, the firm earned $1.34 EPS. The firm's revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.0%. Best Buy's payout ratio is currently 104.97%.

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.