Stoneridge Investment Partners LLC Invests $869,000 in Best Buy Co., Inc. $BBY

Stoneridge Investment Partners LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,071 shares of the technology retailer’s stock, valued at approximately $869,000.

Several other hedge funds have also recently made changes to their positions in BBY. Concurrent Investment Advisors LLC increased its holdings in shares of 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 period. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Best Buy during the fourth quarter worth about $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Best Buy by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock worth $15,059,000 after purchasing an additional 67,600 shares during the period. Oxbow Advisors LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $6,295,000. Finally, Crossmark Global Holdings Inc. boosted its position in Best Buy by 199.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after buying an additional 24,219 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 1.4%

Best Buy stock opened at $86.54 on Friday. The firm has a market cap of $18.24 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 2.49 and a beta of 1.29. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The business’s 50-day moving average price is $81.10 and its 200 day moving average price is $69.99. 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 announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the business earned $1.15 earnings per share. Best Buy’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. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is 71.11%.

Insider Activity at Best Buy

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

Analysts Set New Price Targets

BBY has been the subject of a number of recent research reports. DA Davidson reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. BNP Paribas Exane upped their price objective on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Piper Sandler reiterated a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th. Finally, Daiwa Securities Group raised their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $82.70.

Best Buy 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.