Y Intercept Hong Kong Ltd Makes New Investment in Best Buy Co., Inc. $BBY

Key Points

• Y Intercept Hong Kong Ltd disclosed a new first-quarter stake in Best Buy, buying 42,109 shares valued at about $2.7 million.
• Best Buy recently posted better-than-expected quarterly results, earning $1.28 per share on revenue of $8.94 billion, and raised its full-year outlook to 6.300-6.600 EPS for FY 2027.
• The company also declared a quarterly dividend of $0.96 per share, which annualizes to $3.84 and implies a 4.9% yield.

Y Intercept Hong Kong Ltd bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 42,109 shares of the technology retailer's stock, valued at approximately $2,703,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its stake in shares of Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock valued at $4,704,000 after purchasing an additional 35,239 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new stake in Best Buy during the 4th quarter worth $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in 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 worth $15,059,000 after buying an additional 67,600 shares in the last quarter. Oxbow Advisors LLC acquired a new position in Best Buy in the 4th quarter worth $6,295,000. Finally, Trust Investment Advisors purchased a new position in Best Buy in the 3rd quarter valued at about $1,939,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on BBY shares. Loop Capital lowered their target price on Best Buy from $85.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. The Goldman Sachs Group increased their price target on Best Buy from $59.00 to $62.00 and gave the company a "sell" rating in a report on Friday, May 29th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Guggenheim restated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, May 29th. Finally, Wedbush upped their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has a consensus rating of "Hold" and an average target price of $79.50.

Best Buy Stock Performance

Shares of BBY opened at $78.98 on Wednesday. The stock has a market capitalization of $16.65 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. The business's fifty day moving average price is $68.88 and its 200 day moving average price is $66.86. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) last issued 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. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to analysts' expectations of $8.82 billion. During the same period in the prior year, the company earned $1.15 earnings per share. The firm's revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

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

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the firm'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 sale, the chief accounting officer 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last quarter. Insiders own 0.50% 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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