Renaissance Technologies LLC Buys 770,339 Shares of Best Buy Co., Inc. $BBY

Renaissance Technologies LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 113.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,449,439 shares of the technology retailer’s stock after buying an additional 770,339 shares during the period. Renaissance Technologies LLC’s holdings in Best Buy were worth $93,054,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in BBY. Vanguard Group Inc. increased its stake in Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after acquiring an additional 307,905 shares during the period. AQR Capital Management LLC lifted its position in shares of Best Buy by 30.9% in the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after acquiring an additional 2,160,968 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after acquiring an additional 160,713 shares during the period. Invesco Ltd. grew its holdings in shares of Best Buy by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after purchasing an additional 271,988 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Best Buy by 19.1% during the 4th quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after purchasing an additional 605,911 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent research reports. Piper Sandler restated a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. BNP Paribas Exane boosted their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Truist Financial increased their price objective on shares of Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday, May 29th. Evercore raised their price objective on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Price Performance

Best Buy stock opened at $85.26 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company has a market capitalization of $17.97 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $87.35. The business has a 50 day simple moving average of $75.59 and a 200 day simple moving average of $68.19.

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

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy’s payout ratio is currently 71.11%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were 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 in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by insiders.

Best Buy 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.