LVM Capital Management Ltd. MI Makes New Investment in Best Buy Co., Inc. $BBY

LVM Capital Management Ltd. MI acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,905 shares of the technology retailer’s stock, valued at approximately $600,000.

Several other hedge funds also recently bought and sold shares of the company. Legacy Wealth Asset Management LLC bought a new stake in Best Buy during the second quarter valued at about $235,000. Rockland Trust Co. grew its position in shares of Best Buy by 5.2% during the second quarter. Rockland Trust Co. now owns 6,608 shares of the technology retailer’s stock worth $501,000 after purchasing an additional 325 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Best Buy during the 2nd quarter valued at approximately $584,000. Elevation Wealth Partners LLC lifted its holdings in Best Buy by 2,120.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer’s stock worth $49,000 after purchasing an additional 615 shares in the last quarter. Finally, Czech National Bank boosted its stake in Best Buy by 5.1% in the 2nd quarter. Czech National Bank now owns 55,774 shares of the technology retailer’s stock worth $4,232,000 after purchasing an additional 2,703 shares during the period. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BBY shares. Citigroup raised their target price on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. DA Davidson reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. The Goldman Sachs Group upped their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. Evercore boosted their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Finally, Truist Financial boosted their target price on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a report on Friday, May 29th. Four research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $80.55.

Best Buy Price Performance

Best Buy stock opened at $82.47 on Tuesday. The firm has a market capitalization of $17.38 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.36 and a beta of 1.29. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The firm has a 50-day moving average price of $80.08 and a 200-day moving average price of $69.51. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. The company’s revenue for the quarter 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. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.7%. Best Buy’s dividend payout ratio is presently 71.11%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated 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 completion of the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 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.

Best Buy 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.