Empowered Funds LLC Acquires 138,306 Shares of Best Buy Co., Inc. $BBY

Empowered Funds LLC raised its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 235.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 197,017 shares of the technology retailer's stock after purchasing an additional 138,306 shares during the period. Empowered Funds LLC owned 0.09% of Best Buy worth $12,648,000 at the end of the most recent reporting period.

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

Best Buy Trading Up 0.8%

NYSE BBY opened at $90.19 on Thursday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock's 50-day simple moving average is $77.39 and its two-hundred day simple moving average is $68.57. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.27. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.38 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.3%. Best Buy's dividend payout ratio is currently 71.11%.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent analyst reports. Jefferies Financial Group boosted their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Evercore boosted their target price on Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Citigroup raised their price target on Best Buy from $60.00 to $79.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Wedbush lifted their price target on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, BNP Paribas Exane boosted their price objective on Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus target price of $79.50.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 over the last quarter. Company insiders own 0.50% of the company's stock.

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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