L2 Asset Management LLC Takes Position in Best Buy Co., Inc. $BBY

L2 Asset Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 102,104 shares of the technology retailer’s stock, valued at approximately $7,748,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tema ETFs LLC increased its holdings in Best Buy by 6.5% in the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after acquiring an additional 145 shares in the last quarter. Krane Funds Advisors LLC raised its position in Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after acquiring an additional 151 shares during the period. Applied Finance Capital Management LLC lifted its holdings in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after purchasing an additional 157 shares in the last quarter. UMB Bank n.a. lifted its holdings in Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock valued at $211,000 after purchasing an additional 185 shares in the last quarter. Finally, Arjuna Capital grew its position in shares of Best Buy by 1.0% in the fourth quarter. Arjuna Capital now owns 20,673 shares of the technology retailer’s stock valued at $1,384,000 after purchasing an additional 195 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of a number of research reports. Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $85.00 in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Friday, May 29th. The Goldman Sachs Group boosted their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Finally, Wedbush reissued a “buy” rating on shares of Best Buy in a report on Monday. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $83.10.

Best Buy Price Performance

NYSE:BBY opened at $87.51 on Tuesday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26. The stock has a market cap of $18.44 billion, a PE ratio of 16.21, a P/E/G ratio of 2.47 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. The stock has a 50 day moving average price of $82.36 and a 200 day moving average price of $70.91.

Best Buy (NYSE:BBY) last released its quarterly earnings data 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. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.57 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders 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 annualized dividend and a dividend yield of 4.4%. Best Buy’s payout ratio is presently 71.11%.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% 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. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, 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. The disclosure for this sale is available in the SEC filing. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last three months. 0.50% of the stock is currently owned by insiders.

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.