Skylands Capital LLC Boosts Position in Best Buy Co., Inc. $BBY

Skylands Capital LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 178.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,425 shares of the technology retailer's stock after acquiring an additional 27,850 shares during the period. Skylands Capital LLC's holdings in Best Buy were worth $2,906,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP boosted its holdings in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after purchasing an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock valued at $1,984,000 after buying an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario raised its stake in shares of Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC lifted its holdings in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after buying an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after buying an additional 76,102 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock opened at $59.29 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. Best Buy Co., Inc. has a 12-month low of $59.20 and a 12-month high of $84.99. The business's 50 day moving average is $63.74 and its two-hundred day moving average is $69.81. The company has a market capitalization of $12.40 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.49 and a beta of 1.35.

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, beating analysts' consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion during the quarter, compared to analysts' expectations of $13.96 billion. During the same period in the previous year, the business earned $2.58 earnings per share. The business'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. Analysts expect that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This is a boost from Best Buy's previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date was Tuesday, March 24th. Best Buy's dividend payout ratio (DPR) is currently 76.19%.

Analyst Ratings Changes

Several analysts recently commented on BBY shares. Piper Sandler reaffirmed a "buy" rating on shares of Best Buy in a report on Wednesday, March 4th. Wedbush lowered their price objective on Best Buy from $80.00 to $70.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 24th. The Goldman Sachs Group cut shares of Best Buy from a "buy" rating to a "sell" rating and set a $59.00 price objective on the stock. in a research note on Monday, April 13th. Weiss Ratings reiterated a "hold (c)" rating on shares of Best Buy in a research note on Wednesday, January 21st. Finally, Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a report on Wednesday, March 4th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $74.85.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $727,011.12. Following the sale, the chief financial officer owned 76,884 shares in the company, valued at $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 42,869 shares of the business's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares of the company's stock, valued at $33,491,294.76. This represents a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 77,247 shares of company stock valued at $4,945,353. Insiders own 0.59% of the company's stock.

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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