Blackhawk Capital Partners LLC Grows Stake in Best Buy Co., Inc. $BBY

Blackhawk Capital Partners LLC grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 49.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,797 shares of the technology retailer’s stock after acquiring an additional 9,539 shares during the period. Blackhawk Capital Partners LLC’s holdings in Best Buy were worth $1,849,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Palisade Asset Management LLC purchased a new stake in Best Buy during the third quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in Best Buy during the 4th quarter valued at about $25,000. Torren Management LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the business’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 owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday. Morgan Stanley lifted their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Daiwa Securities Group lifted their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research report on Thursday, May 28th. Five equities 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 company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $85.22 on Thursday. The stock has a market cap of $17.96 billion, a PE ratio of 15.78, a PEG ratio of 2.23 and a beta of 1.30. The company’s fifty day moving average is $71.65 and its 200 day moving average is $67.34. 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 $86.35.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm 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 posted $1.15 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

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

About Best Buy

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.