Hudson Bay Capital Management LP Grows Stock Holdings in Best Buy Co., Inc. $BBY

Hudson Bay Capital Management LP raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 3,119.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 117,179 shares of the technology retailer’s stock after acquiring an additional 113,539 shares during the period. Hudson Bay Capital Management LP owned 0.06% of Best Buy worth $8,861,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Harbor Capital Advisors Inc. grew its position in shares of Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares during the period. Palisade Asset Management LLC purchased a new position in Best Buy during the third quarter worth about $25,000. Root Financial Partners LLC acquired a new stake in Best Buy in the 3rd quarter worth about $32,000. CYBER HORNET ETFs LLC purchased a new stake in Best Buy in the 2nd quarter valued at about $33,000. Finally, MUFG Securities EMEA plc acquired a new position in shares of Best Buy during the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BBY shares. Telsey Advisory Group cut their price objective on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Truist Financial dropped their price target on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. Jefferies Financial Group cut their price target on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Wells Fargo & Company decreased their price target on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 18th. Finally, Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $76.20.

Best Buy Price Performance

Shares of NYSE BBY opened at $64.20 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $84.99. The company has a market capitalization of $13.42 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.55 and a beta of 1.46. The business has a 50-day moving average of $65.64 and a 200-day moving average of $72.13.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business posted $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This is an increase 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 6.0%. The ex-dividend date is Tuesday, March 24th. Best Buy’s payout ratio is 75.40%.

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.