Ruffer LLP Increases Stake in Best Buy Co., Inc. $BBY

Key Points

• Ruffer LLP boosted its stake in Best Buy by 376.3% in Q4, buying an additional 45,512 shares to hold 57,606 shares worth about $3.86 million.
• Best Buy raised its quarterly dividend to $0.96 (annualized $3.84), implying a ~5.8% yield with a payout ratio of 76.19%.
• Insiders have sold 77,247 shares in the past 90 days (≈$4.95 million), while hedge funds and other institutional investors own roughly 80.96% of the stock.

Ruffer LLP raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 376.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,606 shares of the technology retailer's stock after buying an additional 45,512 shares during the quarter. Ruffer LLP's holdings in Best Buy were worth $3,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BBY. Woodline Partners LP grew its holdings in Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after buying an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after purchasing an additional 7,288 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after purchasing an additional 76,102 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 6,336 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 $405,630.72. Following the completion of the sale, the executive vice president directly owned 79,137 shares in the company, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 3,298 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 value of $211,137.96. Following the sale, the chief accounting officer owned 23,192 shares of the company's stock, valued at approximately $1,484,751.84. This trade represents a 12.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.59% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BBY shares. HSBC cut their target price on shares of Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Piper Sandler reissued a "buy" rating on shares of Best Buy in a report on Wednesday, March 4th. Truist Financial cut their target price on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating for the company in a report on Tuesday, March 3rd. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 4th. Finally, Guggenheim reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $74.85.

Best Buy Stock Down 0.4%

NYSE BBY opened at $66.66 on Wednesday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average of $64.11 and a two-hundred day moving average of $70.22. The firm has a market capitalization of $13.94 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.65 and a beta of 1.35. Best Buy Co., Inc. has a 52 week low of $59.77 and a 52 week high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy's quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts predict that Best Buy Co., Inc. will post 6.51 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 5.8%. This is a positive change from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. 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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