Engineers Gate Manager LP Reduces Stock Position in Best Buy Co., Inc. $BBY

Engineers Gate Manager LP cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 82.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,178 shares of the technology retailer's stock after selling 403,473 shares during the quarter. Engineers Gate Manager LP's holdings in Best Buy were worth $6,691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BBY. MV Capital Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at about $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy during the 4th quarter worth $29,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Best Buy in the 4th quarter valued at about $32,000. Finally, Bayban bought a new position in shares of Best Buy during the fourth quarter worth about $33,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Loop Capital cut Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Truist Financial set a $100.00 target price on shares of Best Buy in a report on Thursday, August 27th. Morgan Stanley raised their price target on shares of Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Friday, August 28th. Finally, Guggenheim boosted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $85.40.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the business's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 500,000 shares of company stock worth $39,065,226. Company insiders own 0.50% of the company's stock.

Best Buy Trading Up 3.2%

Best Buy stock opened at $90.89 on Friday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.37. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a market cap of $19.06 billion, a P/E ratio of 15.12, a P/E/G ratio of 2.20 and a beta of 1.28. The company's fifty day simple moving average is $85.24 and its 200-day simple moving average is $72.82.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company's revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.82 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 8th. Investors of record on Thursday, September 17th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.2%. Best Buy's dividend payout ratio is 63.89%.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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