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

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

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Torren Management LLC purchased a new position in Best Buy during the 4th quarter worth $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy in the fourth quarter valued at about $25,000. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the third quarter worth about $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy during the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its stake in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after buying an additional 311 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated 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 owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s 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 $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BBY has been the topic of several recent research reports. Morgan Stanley boosted their price target on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. UBS Group reiterated a “neutral” rating and issued a $86.00 target price (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. JPMorgan Chase & Co. boosted their target price on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Weiss Ratings upgraded Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $79.50.

Best Buy Trading Down 1.9%

Shares of Best Buy stock opened at $86.19 on Friday. The firm has a market cap of $18.17 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 2.34 and a beta of 1.30. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The company’s 50-day simple moving average is $78.41 and its 200-day simple moving average is $68.81. 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 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. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the firm earned $1.15 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given 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 dividend payout ratio is presently 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.