Quantinno Capital Management LP Increases Position in Best Buy Co., Inc. $BBY

Quantinno Capital Management LP raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 8.0% in the first quarter, Holdings Channel reports. The fund owned 687,510 shares of the technology retailer’s stock after buying an additional 51,176 shares during the period. Quantinno Capital Management LP’s holdings in Best Buy were worth $44,138,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Lazard Asset Management LLC increased its holdings in shares of Best Buy by 29.3% in the first quarter. Lazard Asset Management LLC now owns 45,581 shares of the technology retailer’s stock valued at $2,926,000 after purchasing an additional 10,320 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its position in Best Buy by 30.1% during the first quarter. OMERS ADMINISTRATION Corp now owns 46,965 shares of the technology retailer’s stock worth $3,015,000 after buying an additional 10,873 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in Best Buy by 26.9% during the first quarter. Epoch Investment Partners Inc. now owns 767,534 shares of the technology retailer’s stock worth $49,276,000 after buying an additional 162,598 shares during the last quarter. Entropy Technologies LP boosted its stake in Best Buy by 111.1% during the first quarter. Entropy Technologies LP now owns 46,236 shares of the technology retailer’s stock worth $2,968,000 after buying an additional 24,331 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Best Buy by 113.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after buying an additional 770,339 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was 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 of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings raised Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. BNP Paribas Exane upped their price objective 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. DA Davidson restated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Citigroup boosted their target price on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.50.

Best Buy Stock Performance

Shares of Best Buy stock opened at $90.19 on Thursday. The firm has a market cap of $19.01 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.27. The business’s fifty day simple moving average is $77.39 and its 200-day simple moving average is $68.57.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.3%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

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.