PDT Partners LLC Makes New $11.49 Million Investment in Best Buy Co., Inc. $BBY

PDT Partners LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 151,472 shares of the technology retailer’s stock, valued at approximately $11,494,000. PDT Partners LLC owned 0.07% of Best Buy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Best Buy in the second quarter worth about $2,734,000. Legal & General Group Plc bought a new position in Best Buy during the 2nd quarter valued at approximately $83,427,000. The Manufacturers Life Insurance Company bought a new position in Best Buy during the 2nd quarter valued at approximately $14,585,000. Fiduciary Financial Advisors purchased a new stake in Best Buy in the 2nd quarter worth approximately $59,000. Finally, Manning & Napier Advisors LLC purchased a new stake in Best Buy in the 2nd quarter worth approximately $706,000. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BBY shares. Daiwa Securities Group boosted their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Loop Capital lowered Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a research note on Monday, July 13th. Guggenheim reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research report on Friday, May 29th. Finally, Piper Sandler raised their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $83.10.

Best Buy Price Performance

Shares of BBY stock opened at $85.33 on Wednesday. The business’s fifty day moving average is $82.55 and its 200 day moving average is $71.03. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $17.98 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.51 and a beta of 1.29. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26.

Best Buy (NYSE:BBY) last announced 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. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the prior year, the company earned $1.15 earnings per share. The business’s revenue 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. Research analysts expect that Best Buy Co., Inc. will post 6.58 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy’s dividend payout ratio is presently 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.