Shariaportfolio Inc. Has $2.02 Million Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

• Shariaportfolio Inc. significantly increased its stake in Best Buy Co., Inc., raising its holdings by 239.4% in the 2nd quarter to a total of $2.02 million. This made Best Buy its 14th largest position.
• Multiple hedge funds, including IFM Investors and Mirae Asset Global Investments, also increased their investments in Best Buy, indicating strong institutional interest as these funds now collectively own 80.96% of the company's stock.
• Best Buy recently reported earnings of $1.28 per share, exceeding analyst expectations, and declared a quarterly dividend of $0.95 per share, reflecting a 5.1% dividend yield.

Shariaportfolio Inc. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 239.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,095 shares of the technology retailer's stock after purchasing an additional 21,228 shares during the quarter. Best Buy makes up 0.9% of Shariaportfolio Inc.'s holdings, making the stock its 14th biggest position. Shariaportfolio Inc.'s holdings in Best Buy were worth $2,020,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. IFM Investors Pty Ltd lifted its holdings in Best Buy by 6.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer's stock valued at $3,284,000 after purchasing an additional 3,040 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after purchasing an additional 13,378 shares during the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in Best Buy during the 1st quarter valued at $1,574,000. Alberta Investment Management Corp lifted its holdings in Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock valued at $2,422,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC increased its position in Best Buy by 191.9% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer's stock worth $789,000 after buying an additional 7,043 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Evercore ISI lifted their target price on Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a report on Friday, August 29th. JPMorgan Chase & Co. lifted their target price on Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Citigroup reissued a "buy" rating on shares of Best Buy in a report on Thursday, August 28th. Piper Sandler reissued a "neutral" rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Finally, Truist Financial raised their price target on Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $81.50.

Best Buy Stock Performance

Best Buy stock opened at $75.18 on Wednesday. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $99.80. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The business's 50-day moving average price is $73.14 and its two-hundred day moving average price is $70.10. The stock has a market cap of $15.79 billion, a PE ratio of 20.77, a P/E/G ratio of 1.99 and a beta of 1.23.

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. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the previous year, the business posted $1.34 earnings per share. The business's revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Thursday, September 18th. Best Buy's payout ratio is 104.97%.

Insider Activity

In other news, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. Company insiders own 0.59% 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.

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