Best Buy Co., Inc. $BBY Shares Acquired by Maverick Capital Ltd.

Key Points

• Maverick Capital Ltd. increased its stake in Best Buy by 59.0% during the first quarter, holding shares worth $6.52 million as of its latest SEC filing.
• Several hedge funds, including Pinnacle Bancorp Inc. and Ancora Advisors LLC, have significantly increased or established new positions in Best Buy, indicating growing institutional interest with 80.96% of the company's stock owned by institutional investors and hedge funds.
• Best Buy recently announced a quarterly dividend of $0.95, representing an annualized yield of 5.2%, despite a payout ratio exceeding 100%.

Maverick Capital Ltd. grew its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 59.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 88,633 shares of the technology retailer's stock after acquiring an additional 32,880 shares during the quarter. Maverick Capital Ltd.'s holdings in Best Buy were worth $6,524,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BBY. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Invesco Ltd. raised its stake in shares of Best Buy by 6.4% in the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock worth $289,051,000 after purchasing an additional 234,669 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Best Buy by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer's stock worth $240,173,000 after purchasing an additional 105,710 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Best Buy by 9.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock worth $223,586,000 after purchasing an additional 215,265 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Best Buy by 3.3% in the first quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock worth $122,577,000 after purchasing an additional 52,550 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business'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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the sale, the chief accounting officer owned 22,150 shares of the company's stock, valued at $1,640,650.50. This represents a 14.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 931,034 shares of company stock valued at $68,136,685. Company insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Bank of America reduced their price objective on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a research report on Friday, August 29th. Guggenheim reiterated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Citigroup reiterated a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Barclays reiterated an "equal weight" rating and set a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Finally, Truist Financial upped 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. Nine investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $82.59.

Best Buy Price Performance

Shares of NYSE:BBY traded down $0.89 during trading on Friday, hitting $76.16. 2,870,767 shares of the company's stock were exchanged, compared to its average volume of 3,731,741. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.48. The business's 50-day simple moving average is $70.54 and its 200 day simple moving average is $70.95. The company has a market cap of $16.10 billion, a price-to-earnings ratio of 21.04, a PEG ratio of 2.03 and a beta of 1.19.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be issued a $0.95 dividend. The ex-dividend date is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.0%. Best Buy's payout ratio is 104.97%.

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.