TCW Group Inc. Grows Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• TCW Group Inc. increased its stake in Best Buy Co., Inc. by 5.2% during Q1, owning 421,774 shares valued at approximately $31 million.
• Best Buy reported Q1 earnings of $1.15 EPS, exceeding expectations, with revenue of $8.77 billion, down 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95 per share, resulting in an annualized yield of 5.64%.

TCW Group Inc. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 421,774 shares of the technology retailer's stock after acquiring an additional 20,676 shares during the quarter. TCW Group Inc. owned approximately 0.20% of Best Buy worth $31,047,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BBY. Pinnacle Bancorp Inc. lifted its holdings in Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after purchasing an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $31,000. Atlas Capital Advisors Inc. raised its holdings in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Finally, Grove Bank & Trust raised its holdings in shares of Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

BBY traded down $0.46 during trading on Thursday, hitting $65.33. The company's stock had a trading volume of 1,353,818 shares, compared to its average volume of 3,667,946. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The business's fifty day simple moving average is $69.57 and its 200 day simple moving average is $73.59. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of 15.97, a P/E/G ratio of 1.75 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter last year, the business posted $1.20 earnings per share. The firm's revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.82%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

BBY has been the topic of several research analyst reports. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. Piper Sandler restated a "neutral" rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. DA Davidson restated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Wedbush decreased their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Truist Financial upped their price objective on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $85.72.

Best Buy 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.