Stevens Capital Management LP Takes Position in Best Buy Co., Inc. $BBY

Stevens Capital Management LP purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, Holdings Channel reports. The fund purchased 14,619 shares of the technology retailer’s stock, valued at approximately $978,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Best Buy by 2.4% during the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Best Buy by 46.2% in the third quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock valued at $10,760,000 after buying an additional 44,989 shares during the period. Concurrent Investment Advisors LLC raised its holdings in Best Buy by 100.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after buying an additional 35,239 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Best Buy by 2.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after buying an additional 39,026 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its position in Best Buy by 5.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,639,202 shares of the technology retailer’s stock worth $123,956,000 after buying an additional 89,057 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 0.7%

Shares of Best Buy stock opened at $57.27 on Wednesday. The firm has a market cap of $12.07 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.42 and a beta of 1.22. The stock’s 50-day moving average is $63.17 and its 200 day moving average is $69.33. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy Co., Inc. has a one year low of $56.68 and a one year high of $84.99.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were issued a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 dividend on an annualized basis and a yield of 6.7%. Best Buy’s dividend payout ratio is 76.19%.

Insider Activity

In related news, EVP Kathleen Scarlett sold 8,049 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. This represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president owned 79,137 shares of the company’s stock, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.59% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 18th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. BNP Paribas Exane boosted their price objective on shares of Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $71.75.

Best Buy Company Profile

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.