XTX Topco Ltd Invests $1.53 Million in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• XTX Topco Ltd has acquired a new stake in Best Buy Co., Inc., purchasing 20,829 shares valued at approximately $1.53 million during the 1st quarter.
• Best Buy reported $1.15 earnings per share (EPS) for the last quarter, surpassing analyst expectations of $1.09, but showing a 0.9% revenue decline year-over-year.
• The company recently announced a quarterly dividend of $0.95, representing an annual yield of 5.8%, with a payout ratio of 92.91%.

XTX Topco Ltd purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,829 shares of the technology retailer's stock, valued at approximately $1,533,000.

Several other institutional investors also recently modified their holdings of BBY. Pacer Advisors Inc. raised its holdings in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after acquiring an additional 998,021 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after acquiring an additional 701,287 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after acquiring an additional 629,180 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock worth $53,367,000 after acquiring an additional 511,161 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Best Buy in the 4th quarter worth about $29,090,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research note on Friday, May 30th. Guggenheim reiterated a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Tuesday, June 10th. Wedbush decreased their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Wells Fargo & Company decreased their price objective on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Finally, UBS Group decreased their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $85.72.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.47% of the stock is owned by company insiders.

Best Buy Stock Performance

BBY stock traded down $0.95 during trading on Friday, reaching $64.11. The company had a trading volume of 3,188,714 shares, compared to its average volume of 3,290,663. The firm has a 50-day simple moving average of $69.33 and a 200-day simple moving average of $73.33. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 1.69 and a beta of 1.21. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same period in the previous year, the business posted $1.20 EPS. The business's revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

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.