Best Buy Co., Inc. $BBY Shares Bought by Redwood Investment Management LLC

Key Points

• Redwood Investment Management LLC increased its holdings in Best Buy Co., Inc. by 65.1%, acquiring a total of 36,958 shares valued at approximately $2.72 million.
• Best Buy's Chairman Richard M. Schulze sold 729,201 shares in June, which represented a 78.81% decrease in his ownership, leaving him with 196,100 shares valued at about $14.31 million.
• Several equity analysts recently revised their price targets on Best Buy's stock, with ratings ranging from buy to hold, and the average target price is currently at $84.50.

Redwood Investment Management LLC grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 65.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,958 shares of the technology retailer's stock after acquiring an additional 14,573 shares during the quarter. Redwood Investment Management LLC's holdings in Best Buy were worth $2,720,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Epoch Investment Partners Inc. lifted its position in shares of Best Buy by 5.1% in the first quarter. Epoch Investment Partners Inc. now owns 603,051 shares of the technology retailer's stock valued at $44,391,000 after acquiring an additional 29,209 shares in the last quarter. Ceredex Value Advisors LLC lifted its position in shares of Best Buy by 9.7% in the first quarter. Ceredex Value Advisors LLC now owns 244,150 shares of the technology retailer's stock valued at $17,972,000 after acquiring an additional 21,650 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Best Buy in the first quarter valued at approximately $2,898,000. Islay Capital Management LLC purchased a new position in shares of Best Buy in the first quarter valued at approximately $1,084,000. Finally, Quantitative Investment Management LLC purchased a new position in shares of Best Buy in the first quarter valued at approximately $602,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 1.3%

BBY stock traded up $0.93 during midday trading on Friday, hitting $73.59. 4,436,142 shares of the company's stock were exchanged, compared to its average volume of 3,543,829. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a current ratio of 1.04, a quick ratio of 0.32 and a debt-to-equity ratio of 0.43. The business has a 50-day simple moving average of $69.82 and a two-hundred day simple moving average of $71.46. The stock has a market capitalization of $15.55 billion, a PE ratio of 20.33, a P/E/G ratio of 1.92 and a beta of 1.21.

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, beating analysts' consensus estimates of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.Best Buy's revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio is currently 92.91%.

Analyst Ratings Changes

Several research firms have recently weighed in on BBY. Wedbush raised their target price on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday. Guggenheim reiterated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday. Bank of America reduced their price objective on Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research report on Friday. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday. Finally, Evercore ISI lifted their price objective on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research report on Friday. Ten investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $84.44.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value 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 approximately $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.47% of the company's stock.

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.