Sepio Capital LP Buys New Stake in Best Buy Co., Inc. $BBY

Sepio Capital LP purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,382 shares of the technology retailer’s stock, valued at approximately $1,446,000.

A number of other hedge funds have also recently made changes to their positions in BBY. Brookstone Capital Management purchased a new position in Best Buy during the third quarter worth about $1,730,000. Isthmus Partners LLC bought a new position in Best Buy in the 3rd quarter worth about $18,258,000. Root Financial Partners LLC purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $228,000. E. Ohman J or Asset Management AB raised its holdings in shares of Best Buy by 99.0% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 18,789 shares of the technology retailer’s stock valued at $1,658,000 after acquiring an additional 9,347 shares in the last quarter. Finally, Reyes Financial Architecture Inc. purchased a new stake in shares of Best Buy in the 3rd quarter valued at about $109,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Trading Up 6.0%

BBY stock opened at $99.78 on Friday. The company has a market capitalization of $20.93 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 2.35 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $99.92. The company’s 50 day moving average price is $89.08 and its two-hundred day moving average price is $78.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio is presently 63.89%.

Wall Street Analyst Weigh In

BBY has been the subject of several recent analyst reports. UBS Group reissued a “neutral” rating and set a $90.00 price objective (up from $86.00) on shares of Best Buy in a report on Friday, August 28th. Evercore set a $95.00 price objective on shares of Best Buy in a research report on Tuesday. Truist Financial set a $100.00 target price on shares of Best Buy in a research note on Thursday, August 27th. Guggenheim lifted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Finally, Piper Sandler lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $85.90.

Insider Transactions at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by company insiders.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.