Fred Alger Management LLC Buys 8,429 Shares of Best Buy Co., Inc. $BBY

Key Points

• Fred Alger Management LLC increased its holdings in Best Buy Co., Inc. by 22.4%, acquiring an additional 8,429 shares to reach a total of 46,007 shares valued at $3.43 million.
• Insiders at Best Buy have sold a total of 201,833 shares in the last three months, which included significant sales by CAO Mathew Watson and Chairman Richard M. Schulze.
• Best Buy recently declared a quarterly dividend of $0.95 per share, reflecting a 4.9% dividend yield and a payout ratio of 104.97%.

Fred Alger Management LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 22.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,007 shares of the technology retailer's stock after acquiring an additional 8,429 shares during the quarter. Fred Alger Management LLC's holdings in Best Buy were worth $3,430,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Pinnacle Bancorp Inc. grew its position in 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 last quarter. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy in the fourth quarter worth approximately $31,000. Grove Bank & Trust grew its holdings in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares during the last quarter. LRI Investments LLC increased its position in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after acquiring an additional 141 shares in the last quarter. Finally, Tompkins Financial Corp purchased a new position in Best Buy in the 1st quarter worth approximately $48,000. Institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares of the company's stock, valued at $1,545,332.32. The trade was a 9.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction 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. In the last three months, insiders have sold 201,833 shares of company stock valued at $14,941,472. Insiders own 0.59% of the company's stock.

Best Buy Trading Down 0.6%

Best Buy stock opened at $77.12 on Wednesday. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.48. The company has a market cap of $16.30 billion, a P/E ratio of 21.30, a P/E/G ratio of 2.04 and a beta of 1.19. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The business has a 50-day simple moving average of $70.88 and a two-hundred day simple moving average of $70.63.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is currently 104.97%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Loop Capital reduced their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Truist Financial increased their price objective on Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research report on Friday, August 29th. UBS Group decreased their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Finally, Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 price target on shares of Best Buy 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, Best Buy has a consensus rating of "Hold" and an average target price of $82.59.

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.

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