Dynamic Technology Lab Private Ltd Sells 10,561 Shares of Best Buy Co., Inc. $BBY

Dynamic Technology Lab Private Ltd cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 43.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,520 shares of the technology retailer’s stock after selling 10,561 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Best Buy were worth $1,023,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Best Buy during the 2nd quarter worth approximately $171,851,000. AQR Capital Management LLC increased its stake in Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares during the period. Pacer Advisors Inc. increased its position in shares of Best Buy by 61.9% in the third quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock worth $151,156,000 after purchasing an additional 764,064 shares during the period. Invesco Ltd. grew its stake in Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after buying an additional 621,863 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Best Buy by 855.5% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock worth $46,094,000 after acquiring an additional 614,779 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on BBY. Jefferies Financial Group lowered their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. BNP Paribas Exane raised their price objective on Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a report on Wednesday, March 4th. Telsey Advisory Group lowered their price objective on Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. Daiwa Securities Group cut their price target on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. lowered Best Buy from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $99.00 to $76.00 in a research note on Monday, February 2nd. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average target price of $76.20.

Best Buy Stock Performance

Shares of BBY stock opened at $66.48 on Monday. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $84.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. The firm has a 50-day moving average of $66.63 and a 200-day moving average of $72.76. The company has a market cap of $13.90 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.64 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter in the prior year, the company earned $2.58 EPS. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is presently 76.19%.

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.