Royal Fund Management LLC Purchases Shares of 49,251 Best Buy Co., Inc. $BBY

Key Points

• Royal Fund Management acquired 49,251 Best Buy shares during the first quarter, valued at approximately $3.16 million. Institutional investors and hedge funds collectively own 80.96% of the company.
• Analysts remain cautious, with Best Buy receiving an average “Hold” rating and a consensus price target of $79.50, despite several firms raising their targets.
• Best Buy beat quarterly earnings and revenue expectations, reporting $1.28 in EPS and $8.94 billion in revenue, while maintaining a quarterly dividend of $0.96 per share. Company insiders have sold more than 1 million shares over the past 90 days.

Royal Fund Management LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 49,251 shares of the technology retailer's stock, valued at approximately $3,162,000.

Other hedge funds have also made changes to their positions in the company. Palisade Asset Management LLC acquired a new position in Best Buy in the third quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in Best Buy in the 4th quarter worth about $25,000. Torren Management LLC purchased a new stake in Best Buy in the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. purchased a new stake in Best Buy in the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in shares of Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after acquiring an additional 311 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Morgan Stanley upped their price target on shares of Best Buy from $72.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Wedbush lifted their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Daiwa Securities Group boosted their price objective on shares of Best Buy from $68.00 to $77.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, June 11th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $79.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $90.19 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.27. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.38 and a beta of 1.30. The business has a 50-day moving average of $77.39 and a 200-day moving average of $68.57.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the business posted $1.15 EPS. The company's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. Best Buy's dividend payout ratio is 71.11%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the business's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company's stock.

Best Buy 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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