1832 Asset Management L.P. Buys Shares of 21,371 Best Buy Co., Inc. $BBY

1832 Asset Management L.P. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,371 shares of the technology retailer’s stock, valued at approximately $1,435,000.

Several other institutional investors and hedge funds have also made changes to their positions in BBY. LPL Financial LLC lifted its holdings in Best Buy by 11.1% in the 1st quarter. LPL Financial LLC now owns 130,074 shares of the technology retailer’s stock valued at $9,575,000 after purchasing an additional 12,999 shares in the last quarter. Atria Wealth Solutions Inc. raised its position in shares of Best Buy by 3.3% in the first quarter. Atria Wealth Solutions Inc. now owns 19,330 shares of the technology retailer’s stock valued at $1,437,000 after buying an additional 613 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Best Buy during the first quarter valued at approximately $1,726,000. Headlands Technologies LLC acquired a new stake in Best Buy during the first quarter worth approximately $203,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Best Buy by 13.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 522,101 shares of the technology retailer’s stock worth $38,463,000 after acquiring an additional 63,332 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.2%

BBY stock opened at $74.18 on Friday. The company has a current ratio of 1.05, a quick ratio of 0.26 and a debt-to-equity ratio of 0.44. The firm has a 50 day simple moving average of $78.07 and a 200-day simple moving average of $73.50. The company has a market capitalization of $15.59 billion, a P/E ratio of 24.56, a PEG ratio of 1.88 and a beta of 1.37. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $91.68.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to the consensus estimate of $9.57 billion. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 EPS. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, December 16th. Best Buy’s payout ratio is currently 125.83%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays increased their price target on Best Buy from $74.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 25th. Guggenheim reissued a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday, November 26th. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. Evercore ISI increased their price objective on shares of Best Buy from $80.00 to $85.00 and gave the stock an “in-line” rating in a report on Wednesday, November 26th. Finally, Morgan Stanley lifted their price target on shares of Best Buy from $75.00 to $82.00 and gave the company an “equal weight” rating in a report on Wednesday, November 26th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $84.74.

Insider Transactions at Best Buy

In other news, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the transaction, the chairman owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. This trade represents a 0.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,534,993 shares of company stock worth $126,626,855 in the last 90 days. Corporate insiders own 0.47% of the company’s stock.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.