Best Buy Co., Inc. $BBY Shares Purchased by Rock Point Advisors LLC

Rock Point Advisors LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 47.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 43,002 shares of the technology retailer’s stock after purchasing an additional 13,744 shares during the quarter. Rock Point Advisors LLC’s holdings in Best Buy were worth $2,878,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Woodline Partners LP boosted its position in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Best Buy by 4.4% in the 2nd 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 boosted its position in Best Buy by 127.7% in the 2nd 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 in the last quarter. Ieq Capital LLC lifted its position in shares of 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 buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. lifted 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 buying an additional 76,102 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wedbush increased their price objective on Best Buy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. HSBC decreased their price objective on Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Telsey Advisory Group decreased their price objective on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Finally, Guggenheim reissued a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $71.30.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the completion of the transaction, the executive vice president directly owned 79,137 shares in the company, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 5,339 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the completion of the transaction, the insider owned 44,098 shares of the company’s stock, valued at $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Down 0.7%

BBY opened at $57.21 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. Best Buy Co., Inc. has a one year low of $56.68 and a one year high of $84.99. The business’s fifty day moving average is $62.75 and its two-hundred day moving average is $68.54. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.42 and a beta of 1.22.

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

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a yield of 6.7%. Best Buy’s payout ratio is currently 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.