Jupiter Topco LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 27,406 shares of the technology retailer's stock, valued at approximately $2,079,000.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Best Buy during the 2nd quarter worth approximately $1,932,812,000. AQR Capital Management LLC grew its position in shares of Best Buy by 30.9% during the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer's stock worth $613,001,000 after buying an additional 2,160,968 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer's stock valued at $498,805,000 after acquiring an additional 160,713 shares in the last quarter. Invesco Ltd. increased its stake in shares of Best Buy by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer's stock valued at $316,718,000 after acquiring an additional 271,988 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Best Buy by 19.1% during the 4th quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer's stock valued at $252,881,000 after acquiring an additional 605,911 shares during the period. 80.96% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In related news, Chairman Richard Schulze sold 224,705 shares of the firm's stock in a transaction dated Friday, June 26th. The shares were 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. This trade represents a 2.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 500,000 shares of company stock valued at $39,065,226. 0.50% of the stock is currently owned by company insiders.
Best Buy Stock Performance
NYSE BBY opened at $87.24 on Friday. The company has a market cap of $18.39 billion, a P/E ratio of 14.52, a PEG ratio of 2.17 and a beta of 1.28. The company has a fifty day simple moving average of $83.79 and a 200 day simple moving average of $71.87. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26.
Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data 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. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The business's revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.
Best Buy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Thursday, September 17th. Best Buy's dividend payout ratio is currently 63.89%.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They set an "underperform" rating and a $80.00 target price on the stock. Wedbush reiterated a "buy" rating on shares of Best Buy in a report on Monday, August 24th. Wells Fargo & Company increased their price objective on shares of Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Finally, Guggenheim boosted their target price on Best Buy from $90.00 to $95.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $85.40.
Read Our Latest Stock Analysis on Best Buy
About Best Buy
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).
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