Brandywine Global Investment Management LLC Makes New Investment in Best Buy Co., Inc. $BBY

Brandywine Global Investment Management LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 69,605 shares of the technology retailer’s stock, valued at approximately $4,659,000.

Other large investors also recently bought and sold shares of the company. Torren Management LLC purchased a new position in Best Buy during the fourth quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy in the 4th quarter valued at $29,000. Quest 10 Wealth Builders Inc. raised its stake in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares during the period. Finally, Activest Wealth Management raised its stake in shares of Best Buy by 1,247.1% in the 4th quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 424 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Morgan Stanley increased their target price on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Truist Financial raised their target price on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday, May 29th. Piper Sandler reiterated a “neutral” rating and set a $77.00 target price on shares of Best Buy in a report on Thursday, May 28th. Finally, Telsey Advisory Group set a $90.00 target price on Best Buy and gave the company an “outperform” rating in a report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.05.

Best Buy Stock Performance

Best Buy stock opened at $75.79 on Thursday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. The company has a market capitalization of $15.97 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 2.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The firm’s fifty day moving average price is $63.97 and its 200 day moving average price is $66.68.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $8.82 billion. During the same quarter in the previous year, the firm posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.1%. Best Buy’s payout ratio is 71.11%.

Insider Activity

In related news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the sale, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. This trade represents a 7.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 579,381 shares of company stock worth $43,163,654 over the last three months. 0.47% of the stock is currently owned by corporate insiders.

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.