Candriam S.C.A. Buys 326,253 Shares of Best Buy Co., Inc. $BBY

Candriam S.C.A. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 238.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 463,160 shares of the technology retailer’s stock after acquiring an additional 326,253 shares during the quarter. Candriam S.C.A.’s holdings in Best Buy were worth $29,735,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in shares of Best Buy by 99.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank bought a new stake in Best Buy during the fourth quarter worth about $174,685,000. Schroder Investment Management Group boosted its holdings in shares of Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Best Buy by 104.1% during the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after purchasing an additional 1,030,544 shares in the last quarter. Finally, KBC Group NV boosted its stake in Best Buy by 293.6% in the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after purchasing an additional 785,294 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the 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 sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Best Buy Trading Up 3.7%

NYSE BBY traded up $2.98 during trading hours on Friday, hitting $82.97. The company’s stock had a trading volume of 3,625,789 shares, compared to its average volume of 3,489,515. The stock has a fifty day moving average of $70.16 and a 200 day moving average of $67.07. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The firm has a market capitalization of $17.49 billion, a P/E ratio of 15.37, a PEG ratio of 2.20 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 (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during 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 quarter in the previous year, the business earned $1.15 EPS. 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 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.6%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BBY. Daiwa Securities Group lifted their price target on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Jefferies Financial Group upped their target price on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. DA Davidson reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, June 22nd. Finally, UBS Group reissued a “neutral” rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus 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.