20,007 Shares in Best Buy Co., Inc. $BBY Bought by OP Asset Management Ltd

OP Asset Management Ltd acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,007 shares of the technology retailer’s stock, valued at approximately $1,284,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in Best Buy in the 4th quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in Best Buy in the 4th quarter valued at about $25,000. Palisade Asset Management LLC bought a new position in Best Buy in the 3rd quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy during the fourth quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its position in shares of Best Buy by 239.2% during the fourth 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. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by insiders.

Best Buy Stock Performance

Shares of BBY opened at $77.70 on Tuesday. The stock has a fifty day moving average price of $67.27 and a 200-day moving average price of $66.67. The company has a current ratio of 1.12, a quick ratio of 0.40 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 firm has a market cap of $16.38 billion, a PE ratio of 14.39, a P/E/G ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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. The firm 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%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal 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 given a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. Best Buy’s dividend payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Loop Capital lowered their price target on Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Wells Fargo & Company lifted their target price on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. Citigroup increased their price target on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. BNP Paribas Exane raised their price target on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $79.50.

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.