Y Intercept Hong Kong Ltd Makes New Investment in Best Buy Co., Inc. $BBY

Y Intercept Hong Kong Ltd purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,109 shares of the technology retailer’s stock, valued at approximately $2,703,000.

Several other institutional investors have also bought and sold shares of BBY. Woodline Partners LP raised its position in shares of Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after buying an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its position in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC boosted its stake in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $78.98 on Wednesday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The company has a 50-day moving average of $68.88 and a two-hundred day moving average of $66.86. The stock has a market cap of $16.65 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 2.08 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s payout ratio is 71.11%.

Analyst Ratings Changes

BBY has been the subject of several research reports. Citigroup raised their target price on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. BNP Paribas Exane boosted their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company increased their target price on shares of Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Finally, Daiwa Securities Group raised their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $79.50.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following 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 position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

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.