Landscape Capital Management L.L.C. Buys 61,831 Shares of Best Buy Co., Inc. $BBY

Key Points

• Landscape Capital Management L.L.C. significantly increased its holdings in Best Buy by 1,487.4%, acquiring an additional 61,831 shares, bringing their total to 65,988 shares worth approximately $4.86 million.
• Chairman Richard M. Schulze sold 729,201 shares at an average price of $72.95, which amounted to a total of over $53 million, representing a 78.81% reduction in his ownership.
• Analysts have adjusted their price targets, with Wells Fargo lowering its target from $75 to $67, indicating a cautious outlook with a consensus rating of "Hold" and a target price of $84.50.

Landscape Capital Management L.L.C. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1,487.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,988 shares of the technology retailer's stock after purchasing an additional 61,831 shares during the quarter. Landscape Capital Management L.L.C.'s holdings in Best Buy were worth $4,857,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BBY. Pacer Advisors Inc. grew its stake in shares of Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after purchasing an additional 998,021 shares during the period. Northern Trust Corp increased its holdings in Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after acquiring an additional 701,287 shares in the last quarter. Nuveen LLC purchased a new stake in Best Buy in the 1st quarter worth $39,579,000. Charles Schwab Investment Management Inc. increased its holdings in Best Buy by 6.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after acquiring an additional 408,605 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Best Buy in the 4th quarter worth $29,090,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Up 1.3%

NYSE:BBY traded up $0.93 during mid-day trading on Monday, hitting $73.59. The stock had a trading volume of 4,436,142 shares, compared to its average volume of 3,606,198. The stock has a 50-day simple moving average of $69.82 and a two-hundred day simple moving average of $71.23. The company has a market capitalization of $15.55 billion, a PE ratio of 20.33, a PEG ratio of 1.95 and a beta of 1.19. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates 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%. Best Buy's quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the firm posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

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 $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.2%. Best Buy's dividend payout ratio is presently 104.97%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BBY shares. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Bank of America dropped their target price on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a report on Friday. JPMorgan Chase & Co. upped 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. Wedbush upped their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday. Finally, Citigroup reissued a "buy" rating on shares of Best Buy in a report on Thursday. Ten equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $84.44.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Company 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.