Tocqueville Asset Management L.P. Takes Position in Best Buy Co., Inc. $BBY

Tocqueville Asset Management L.P. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 43,317 shares of the technology retailer's stock, valued at approximately $3,287,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Concurrent Investment Advisors LLC grew its position in Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock worth $4,704,000 after acquiring an additional 35,239 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new stake in Best Buy in the fourth quarter valued at $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in shares of Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer's stock valued at $15,059,000 after purchasing an additional 67,600 shares during the last quarter. Oxbow Advisors LLC acquired a new position in shares of Best Buy in the 4th quarter valued at $6,295,000. Finally, Crossmark Global Holdings Inc. grew its holdings in shares of Best Buy by 199.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer's stock worth $2,432,000 after purchasing an additional 24,219 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman directly owned 10,930,586 shares in the company, valued at $832,036,206.32. This represents a 4.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Insiders own 0.50% of the company's stock.

Best Buy Price Performance

BBY stock opened at $85.67 on Friday. The business's fifty day moving average price is $82.01 and its 200 day moving average price is $70.62. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $18.06 billion, a PE ratio of 15.86, a P/E/G ratio of 2.57 and a beta of 1.29.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy's dividend payout ratio (DPR) is presently 71.11%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BBY. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a report on Friday, May 29th. Truist Financial raised shares of Best Buy from a "hold" rating to a "buy" rating and increased their target price for the stock from $81.00 to $95.00 in a research note on Tuesday, August 11th. Guggenheim reiterated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. DA Davidson reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday, June 22nd. Finally, Wall Street Zen lowered shares of Best Buy from a "buy" rating to a "hold" rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Best Buy currently has an average rating of "Hold" and a consensus price target of $83.10.

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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