Bull Harbor Capital LLC Takes $506,000 Position in Best Buy Co., Inc. $BBY

Bull Harbor Capital LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,887 shares of the technology retailer’s stock, valued at approximately $506,000.

Several other institutional investors and hedge funds have also made changes to their positions in BBY. Torren Management LLC acquired a new stake in Best Buy in the 4th quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in Best Buy during the 4th quarter valued at about $25,000. Palisade Asset Management LLC acquired a new position in Best Buy during the third quarter worth about $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy during the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its holdings in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 500,350 shares of the firm’s 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of Best Buy 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 sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. 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 over the last quarter. 0.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BBY shares. Citigroup increased their price target on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on Best Buy and gave the stock an “outperform” rating in a research report on Friday, May 29th. Daiwa Securities Group upped their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Guggenheim reiterated a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 29th. Finally, 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. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Price Performance

Best Buy stock opened at $86.19 on Friday. The stock has a market capitalization of $18.17 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.34 and a beta of 1.30. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The firm’s 50-day moving average is $78.41 and its two-hundred day moving average is $68.81.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share 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 analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts predict 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. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

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.