Skylands Capital LLC Has $3.98 Million Position in Best Buy Co., Inc. $BBY

Key Points

• Skylands Capital LLC boosted its Best Buy stake by 42.7% in Q1, ending with 61,950 shares worth about $3.98 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 and revenue of $8.94 billion, both topping analyst estimates, while revenue rose 1.9% year over year.
• The company also announced a quarterly dividend of $0.96 per share payable July 9, and analysts currently rate the stock a Hold with a consensus target price of $79.50.

Skylands Capital LLC grew its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 42.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,950 shares of the technology retailer's stock after acquiring an additional 18,525 shares during the quarter. Skylands Capital LLC's holdings in Best Buy were worth $3,977,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Torren Management LLC acquired a new position in Best Buy during the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in Best Buy in the fourth quarter worth $25,000. Palisade Asset Management LLC acquired a new stake in Best Buy in the third quarter worth $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. grew its holdings in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after buying an additional 311 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 1.3%

Shares of NYSE:BBY opened at $77.91 on Friday. The firm has a market cap of $16.42 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The company's fifty day simple moving average is $67.01 and its 200 day simple moving average is $66.68. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy's dividend payout ratio is currently 71.11%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the company's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last ninety days. 0.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. DA Davidson restated a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Monday, June 22nd. Jefferies Financial Group boosted their target price on Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a report on Monday, June 22nd. Evercore raised their price target on Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Finally, Wedbush lifted their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $79.50.

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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