Robeco Institutional Asset Management B.V. Boosts Stake in Best Buy Co., Inc. $BBY

Key Points

• Robeco Institutional Asset Management boosted its stake in Best Buy by 33.4% in Q4 to 1,002,090 shares (about $67.1 million), representing 0.48% of the company.
• Research firms have trimmed targets on BBY and the street consensus is a "Hold" with an average price target of $75.95 after several downgrades and cuts.
• Best Buy raised its quarterly dividend to $0.96 (annualized $3.84), implying a 6.2% yield and a payout ratio of 76.19%.

Robeco Institutional Asset Management B.V. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 33.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,002,090 shares of the technology retailer's stock after acquiring an additional 250,838 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.48% of Best Buy worth $67,070,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Harbor Capital Advisors Inc. lifted its stake in Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer's stock valued at $25,000 after buying an additional 138 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Best Buy in the 3rd quarter valued at about $25,000. Root Financial Partners LLC purchased a new position in Best Buy in the 3rd quarter valued at about $32,000. Wolff Wiese Magana LLC purchased a new position in Best Buy in the 4th quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in Best Buy in the 2nd quarter valued at about $33,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on BBY shares. Morgan Stanley decreased their target price on shares of Best Buy from $76.00 to $72.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 4th. Jefferies Financial Group decreased their target price on shares of Best Buy from $94.00 to $89.00 and set a "buy" rating on the stock in a research note on Monday, February 9th. DA Davidson set a $78.00 target price on shares of Best Buy in a research note on Thursday, March 5th. Telsey Advisory Group cut their price target on shares of Best Buy from $95.00 to $80.00 and set an "outperform" rating for the company in a report on Wednesday, March 4th. Finally, Barclays cut their price target on shares of Best Buy from $81.00 to $77.00 and set an "equal weight" rating for the company in a report on Thursday, January 8th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $75.95.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 5,339 shares of the firm's stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the completion of the transaction, the insider owned 44,098 shares of the company's stock, valued at $2,823,153.96. This trade represents a 10.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares of the company's stock, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 77,247 shares of company stock worth $4,945,353 over the last three months. 0.59% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $62.32 on Monday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 52 week low of $57.25 and a 52 week high of $84.99. The stock has a market capitalization of $13.03 billion, a PE ratio of 12.36, a P/E/G ratio of 1.54 and a beta of 1.35. The firm has a 50 day moving average of $64.58 and a two-hundred day moving average of $70.80.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion during the quarter, compared to analysts' expectations of $13.96 billion. During the same quarter last year, the company posted $2.58 EPS. The firm's revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a $0.96 dividend. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a $3.84 annualized dividend and a yield of 6.2%. This is a boost from Best Buy's previous quarterly dividend of $0.95. Best Buy's dividend payout ratio 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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