FNY Investment Advisers LLC Makes New Investment in Best Buy Co., Inc. $BBY

FNY Investment Advisers LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,700 shares of the technology retailer’s stock, valued at approximately $584,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Norges Bank acquired a new position in Best Buy during the fourth quarter worth $174,685,000. Schroder Investment Management Group raised its holdings in Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock valued at $207,216,000 after buying an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Best Buy by 293.6% in the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after buying an additional 785,294 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, 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 SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last ninety days. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BBY shares. Wells Fargo & Company upped their price target on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 28th. DA Davidson reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. JPMorgan Chase & Co. upped their target price on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Bank of America initiated coverage on Best Buy in a report on Monday. They set an “underperform” rating and a $80.00 price target on the stock. Finally, Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research report on Monday, July 13th. Four research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average price target of $80.55.

Best Buy Price Performance

NYSE BBY opened at $79.87 on Friday. The stock has a 50-day simple moving average of $79.85 and a 200 day simple moving average of $69.29. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The stock has a market capitalization of $16.84 billion, a PE ratio of 14.79, a P/E/G ratio of 2.43 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.8%. Best Buy’s payout ratio is 71.11%.

About Best Buy

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.