Royal Fund Management LLC Acquires Shares of 49,251 Best Buy Co., Inc. $BBY

Royal Fund Management LLC bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 49,251 shares of the technology retailer’s stock, valued at approximately $3,162,000.

Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of Best Buy by 17.8% during the 1st quarter. Bank of America Corp DE now owns 1,139,804 shares of the technology retailer’s stock valued at $73,175,000 after acquiring an additional 172,579 shares in the last quarter. Kentucky Retirement Systems increased its stake in Best Buy by 86.0% during the first quarter. Kentucky Retirement Systems now owns 22,568 shares of the technology retailer’s stock valued at $1,449,000 after purchasing an additional 10,433 shares during the last quarter. Bull Harbor Capital LLC acquired a new stake in shares of Best Buy during the first quarter worth $506,000. Ashton Thomas Securities LLC acquired a new stake in shares of Best Buy during the first quarter worth $225,000. Finally, Sunbelt Securities Inc. lifted its position in shares of Best Buy by 4,276.0% in the 1st quarter. Sunbelt Securities Inc. now owns 1,094 shares of the technology retailer’s stock worth $70,000 after buying an additional 1,069 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BBY. 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. Morgan Stanley raised their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Wedbush upped their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Truist Financial increased their price target on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday, May 29th. Finally, Citigroup raised their price target on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and an average price target of $79.50.

Best Buy Trading Up 0.8%

Best Buy stock opened at $90.19 on Thursday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.27. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $19.01 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.38 and a beta of 1.30. The firm has a 50-day moving average price of $77.39 and a two-hundred day moving average price of $68.57.

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. The company 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%. Best Buy’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

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

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the 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 transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 1,784 shares of the firm’s 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 directly owned 21,630 shares in the company, valued at $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. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last ninety days. 0.50% of the stock is owned by company insiders.

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.