Best Buy Co., Inc. $BBY Stake Lifted by Global Retirement Partners LLC

Global Retirement Partners LLC lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1,115.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 16,741 shares of the technology retailer’s stock after purchasing an additional 15,364 shares during the period. Global Retirement Partners LLC’s holdings in Best Buy were worth $1,121,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Huntington National Bank raised its stake in shares of Best Buy by 12.0% in the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after buying an additional 139 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its stake in Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after buying an additional 152 shares in the last quarter. Applied Finance Capital Management LLC grew 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 worth $286,000 after acquiring an additional 157 shares during the period. International Private Wealth Advisors LLC raised its position in Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after acquiring an additional 165 shares in the last quarter. Finally, J. Team Financial Inc. raised its position in Best Buy by 4.2% in the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after acquiring an additional 171 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BBY. Truist Financial cut their target price on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Citigroup decreased their price target on shares of Best Buy from $69.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. The Goldman Sachs Group cut Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price target on the stock. in a report on Monday, April 13th. Wells Fargo & Company reduced their price objective on Best Buy from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Thursday, May 14th. Finally, BNP Paribas Exane lifted their target price on Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus price target of $70.80.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the transaction, the executive vice president owned 79,137 shares of the company’s stock, valued at $5,066,350.74. The trade was a 7.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 11,356 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. This represents a 12.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 77,247 shares of company stock worth $4,945,353 in the last quarter. 0.47% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of BBY opened at $61.53 on Tuesday. The company has a market capitalization of $12.97 billion, a PE ratio of 12.21, a PEG ratio of 1.52 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The company’s 50 day moving average price is $61.70 and its 200 day moving average price is $67.05. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. The firm had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.2%. Best Buy’s dividend payout ratio is presently 76.19%.

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.