Daiwa Securities Group Inc. Purchases 9,036 Shares of Best Buy Co., Inc. $BBY

Daiwa Securities Group Inc. boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 27.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,541 shares of the technology retailer’s stock after acquiring an additional 9,036 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $2,848,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BBY. Huntington National Bank grew its stake in shares of Best Buy by 12.0% during the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after buying an additional 139 shares during the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after buying an additional 152 shares during the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after buying an additional 157 shares during the last quarter. International Private Wealth Advisors LLC grew its stake in shares of Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after buying an additional 165 shares during the last quarter. Finally, J. Team Financial Inc. grew its stake in shares of Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after buying an additional 171 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the transaction, the executive vice president owned 79,137 shares in the company, valued at $5,066,350.74. The trade was a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry sold 42,869 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer owned 523,138 shares in the company, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 579,381 shares of company stock valued at $43,163,654 over the last quarter. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 28th. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 29th. Loop Capital boosted their target price on shares of Best Buy from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Evercore boosted their target price on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Finally, Daiwa Securities Group boosted their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $79.05.

Best Buy Price Performance

BBY stock opened at $75.16 on Wednesday. The firm has a market cap of $15.84 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.97 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 12-month low of $55.10 and a 12-month high of $84.99. The company’s fifty day simple moving average is $63.73 and its 200 day simple moving average is $66.66.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. The business 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 for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.1%. Best Buy’s 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.