Ieq Capital LLC Takes $7.99 Million Position in Best Buy Co., Inc. $BBY

Ieq Capital LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, Holdings Channel reports. The fund acquired 105,307 shares of the technology retailer’s stock, valued at approximately $7,991,000.

A number of other hedge funds have also modified their holdings of BBY. Torren Management LLC bought a new stake in Best Buy in the 4th quarter valued at approximately $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC bought a new position in shares of Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BBY. Daiwa Securities Group boosted their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday, May 29th. Morgan Stanley increased their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. DA Davidson reiterated a “buy” rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, June 22nd. Finally, Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $83.10.

Best Buy Stock Up 0.2%

BBY opened at $86.07 on Monday. The stock’s fifty day simple moving average is $82.15 and its 200 day simple moving average is $70.76. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $91.26. The stock has a market cap of $18.14 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. 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 released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS 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 firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the previous year, the business posted $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, research analysts expect that Best Buy Co., Inc. will post 6.57 earnings per share 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 issued a dividend of $0.96 per share. 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 payout ratio is presently 71.11%.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

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.