Fideuram Intesa Sanpaolo Private Banking S.P.A. Takes Position in Best Buy Co., Inc. $BBY

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Best Buy during the fourth quarter, buying 27,340 shares valued at about $1.83 million. Several other institutional investors also increased their BBY holdings, and institutions now own 80.96% of the stock.
• Best Buy reported better-than-expected earnings for the latest quarter, with EPS of $2.61 versus the $2.48 estimate, though revenue came in slightly below forecasts and was down 1% year over year. The company also guided fiscal 2027 EPS to $6.30–$6.60.
• The company raised its quarterly dividend to $0.96 per share, implying an annualized dividend of $3.84 and a 6.3% yield. Meanwhile, analysts are mixed on the stock, with a consensus rating of Hold and an average price target of $70.80.

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 27,340 shares of the technology retailer's stock, valued at approximately $1,830,000.

A number of other large investors have also made changes to their positions in BBY. AQR Capital Management LLC raised its holdings in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock valued at $525,120,000 after acquiring an additional 3,496,254 shares during the period. KBC Group NV grew its position in Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock valued at $70,464,000 after purchasing an additional 785,294 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer's stock valued at $51,614,000 after purchasing an additional 766,006 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Best Buy during the third quarter valued at approximately $55,475,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Best Buy by 2,683.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer's stock valued at $52,381,000 after purchasing an additional 667,801 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

BBY stock opened at $61.06 on Friday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $12.86 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.51 and a beta of 1.22. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The firm has a 50 day moving average of $61.76 and a two-hundred day moving average of $67.32.

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

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy's previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.3%. Best Buy's dividend payout ratio is presently 76.19%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the sale, the chief financial officer directly owned 76,884 shares in the company, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the business'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 $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares of the company's stock, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 77,247 shares of company stock valued at $4,945,353 in the last three months. Company insiders own 0.47% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research analyst reports. DA Davidson set a $78.00 price objective on shares of Best Buy in a research report on Thursday, March 5th. The Goldman Sachs Group downgraded shares of Best Buy from a "buy" rating to a "sell" rating and set a $59.00 price objective on the stock. in a research report on Monday, April 13th. Jefferies Financial Group lowered their price objective on shares of Best Buy from $94.00 to $89.00 and set a "buy" rating on the stock in a research report on Monday, February 9th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $95.00 to $80.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 4th. Finally, Weiss Ratings downgraded shares of Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $70.80.

About Best Buy

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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