Jackson Square Capital LLC Invests $385,000 in Best Buy Co., Inc. $BBY

Key Points

• Jackson Square Capital LLC has acquired a new stake in Best Buy, purchasing 5,738 shares valued at approximately $385,000 during the second quarter.
• Best Buy's quarterly earnings report showed an EPS of $1.28, surpassing estimated expectations, with revenue reaching $9.44 billion.
• The company announced a quarterly dividend of $0.95, to be paid on October 9th, with a current annualized dividend yield of 5.1%.

Jackson Square Capital LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 5,738 shares of the technology retailer's stock, valued at approximately $385,000.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after purchasing an additional 13,378 shares during the last quarter. GAMMA Investing LLC lifted its stake in Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after buying an additional 170,050 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Best Buy by 10.2% in the first quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock worth $36,972,000 after buying an additional 46,645 shares during the period. Blackhawk Capital Partners LLC. acquired a new position in shares of Best Buy in the first quarter worth about $1,574,000. Finally, Alberta Investment Management Corp boosted its holdings in shares of Best Buy by 25.6% in the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on BBY shares. JPMorgan Chase & Co. raised their target price on shares of Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Loop Capital decreased their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Citigroup reiterated a "buy" rating on shares of Best Buy in a report on Thursday, August 28th. Argus reiterated a "hold" rating on shares of Best Buy in a report on Tuesday, September 16th. Finally, Wedbush upped their target price on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $82.59.

Best Buy Stock Performance

Best Buy stock traded down $1.50 on Friday, hitting $72.23. The company's stock had a trading volume of 5,600,546 shares, compared to its average volume of 3,732,321. The firm has a market cap of $15.18 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.90 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 company has a fifty day moving average price of $71.36 and a 200-day moving average price of $70.04. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.48.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Thursday, September 18th. Best Buy's payout ratio is currently 104.97%.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the transaction, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock worth $14,941,472 in the last 90 days. 0.47% of the stock is owned by corporate insiders.

Best Buy Profile

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.