Oxbow Advisors LLC Takes $6.30 Million Position in Best Buy Co., Inc. $BBY

Key Points

• Oxbow Advisors LLC opened a new stake in Best Buy, buying 94,051 shares worth about $6.3 million in the fourth quarter.
• Institutional ownership remains high, with several large funds recently boosting their Best Buy holdings and 80.96% of the stock now held by hedge funds and other institutions.
• Best Buy’s latest earnings beat EPS expectations, and the company recently raised its quarterly dividend to $0.96 per share, implying a 6.5% yield; however, analysts currently rate the stock Hold on average.

Oxbow Advisors LLC acquired a new position 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 and Exchange Commission. The firm acquired 94,051 shares of the technology retailer's stock, valued at approximately $6,295,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its holdings in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after acquiring an additional 3,496,254 shares in the last quarter. KBC Group NV grew its stake in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock worth $70,464,000 after acquiring an additional 785,294 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Best Buy during the third quarter valued at about $55,475,000. Jacobs Levy Equity Management Inc. raised its position in shares of Best Buy by 2,683.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer's stock valued at $52,381,000 after purchasing an additional 667,801 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its position in shares of Best Buy by 855.5% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer's stock valued at $46,094,000 after purchasing an additional 614,779 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 6,336 shares of the company's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the sale, the executive vice president owned 79,137 shares in the company, valued at $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of the firm's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the sale, the executive vice president directly owned 102,669 shares in the company, valued at approximately $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BBY shares. BNP Paribas Exane boosted their target price on shares of Best Buy from $68.00 to $74.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 4th. JPMorgan Chase & Co. cut shares of Best Buy from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $99.00 to $76.00 in a report on Monday, February 2nd. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 4th. Guggenheim reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Wedbush raised their target price on Best Buy from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 28th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $71.75.

Best Buy Stock Performance

Shares of NYSE BBY opened at $59.42 on Friday. The company has a 50 day simple moving average of $63.01 and a two-hundred day simple moving average of $69.04. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.47 and a beta of 1.22. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 12 month low of $56.68 and a 12 month high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion during 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 firm's revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.5 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date was Tuesday, March 24th. This is an increase from Best Buy's previous quarterly dividend of $0.95. Best Buy's dividend payout ratio (DPR) is 76.19%.

Best Buy Company Profile

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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