Lecap Asset Management Ltd. Acquires 6,766 Shares of Best Buy Co., Inc. $BBY

Lecap Asset Management Ltd. increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 74.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 15,862 shares of the technology retailer’s stock after purchasing an additional 6,766 shares during the period. Lecap Asset Management Ltd.’s holdings in Best Buy were worth $1,065,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pinnacle Bancorp Inc. grew its holdings in Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 178 shares during the period. Oliver Lagore Vanvalin Investment Group bought a new position in Best Buy during the second quarter worth about $26,000. Grove Bank & Trust grew its holdings in Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 173 shares during the period. Maseco LLP bought a new position in Best Buy during the second quarter worth about $39,000. Finally, Wealth Preservation Advisors LLC bought a new position in Best Buy during the first quarter worth about $53,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BBY shares. Piper Sandler restated a “neutral” rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Truist Financial raised their price objective on shares of Best Buy from $69.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, August 29th. Bank of America cut their price objective on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research report on Friday, August 29th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.50.

Best Buy Stock Up 2.3%

NYSE BBY opened at $77.33 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $101.42. The company has a 50 day moving average of $72.43 and a 200-day moving average of $70.06. The company has a market cap of $16.25 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 1.99 and a beta of 1.23.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.34 earnings per share. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy’s dividend payout ratio (DPR) is 104.97%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.07, for a total transaction of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares in the company, valued at $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock worth $14,941,472 over the last three months. 0.47% of the stock is currently owned by insiders.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.