Gallacher Capital Management LLC Buys Shares of 8,527 Best Buy Co., Inc. $BBY

Gallacher Capital Management LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the first quarter, according to its most recent filing with the SEC. The firm purchased 8,527 shares of the technology retailer’s stock, valued at approximately $547,000.

Several other institutional investors have also modified their holdings of BBY. Concurrent Investment Advisors LLC grew its holdings in Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after purchasing an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Best Buy during the 4th quarter worth $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Best Buy by 42.9% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock worth $15,059,000 after buying an additional 67,600 shares during the last quarter. Oxbow Advisors LLC purchased a new stake in shares of Best Buy in the 4th quarter worth about $6,295,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Best Buy by 8.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 478,965 shares of the technology retailer’s stock worth $33,180,000 after buying an additional 38,739 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 in the last 90 days. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on BBY shares. Evercore raised their target price on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Wells Fargo & Company raised their price objective 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. Finally, Citigroup lifted their price objective on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $79.50.

Best Buy Trading Up 0.5%

Shares of Best Buy stock opened at $85.75 on Friday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $87.35. The business’s fifty day moving average is $72.71 and its two-hundred day moving average is $67.58. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market cap of $18.07 billion, a PE ratio of 15.88, a P/E/G ratio of 2.27 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 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’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. Analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.5%. Best Buy’s payout ratio is 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.