iA Global Asset Management Inc. Purchases New Holdings in Best Buy Co., Inc. $BBY

Key Points

• iA Global Asset Management opened a new position in Best Buy during the fourth quarter, buying 37,350 shares worth about $2.5 million.
• Institutional ownership remains high, with 80.96% of Best Buy shares held by institutional investors, while analysts currently view the stock as a Hold overall with a consensus price target of $70.80.
• Best Buy reported quarterly EPS of $2.61, topping estimates, and recently raised its dividend to $0.96 per share, implying a 6.6% annual yield.

iA Global Asset Management Inc. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 37,350 shares of the technology retailer's stock, valued at approximately $2,500,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Palisade Asset Management LLC acquired a new stake in Best Buy during the 3rd quarter worth $25,000. Torren Management LLC acquired a new stake in Best Buy during the 4th quarter worth $25,000. Root Financial Partners LLC acquired a new stake in Best Buy during the 3rd quarter worth $32,000. Quest 10 Wealth Builders Inc. grew its holdings in Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after acquiring an additional 311 shares during the period. Finally, Activest Wealth Management grew its holdings in Best Buy by 1,247.1% during the 4th quarter. Activest Wealth Management now owns 458 shares of the technology retailer's stock worth $31,000 after acquiring an additional 424 shares during the period. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Wells Fargo & Company lowered their target price on shares of Best Buy from $70.00 to $60.00 and set an "equal weight" rating for the company in a report on Thursday. Wedbush lifted their target price on shares of Best Buy from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Citigroup lowered their target price on shares of Best Buy from $69.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, May 12th. Daiwa Securities Group lowered their target price on shares of Best Buy from $80.00 to $68.00 and set a "neutral" rating for the company in a report on Thursday, March 5th. Finally, Guggenheim reaffirmed a "buy" rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $70.80.

Insider Activity at Best Buy

In related news, insider Todd G. Hartman sold 5,339 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 $341,802.78. Following the sale, the insider directly owned 44,098 shares of the company's stock, valued at approximately $2,823,153.96. The trade was a 10.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 shares were 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 directly owned 102,669 shares in the company, valued at $6,572,869.38. This represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.59% of the stock is owned by corporate insiders.

Best Buy Trading Up 3.0%

Shares of NYSE BBY opened at $57.94 on Tuesday. The company's fifty day moving average is $62.08 and its 200-day moving average is $67.80. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.39 and a beta of 1.22. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39.

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

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. 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 6.6%. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy's payout ratio is 76.19%.

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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