Westerkirk Capital Inc. Boosts Position in Best Buy Co., Inc. $BBY

Westerkirk Capital Inc. boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 76.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 26,500 shares of the technology retailer’s stock after purchasing an additional 11,500 shares during the quarter. Westerkirk Capital Inc.’s holdings in Best Buy were worth $1,774,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Best Buy by 2.4% during the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the period. Concurrent Investment Advisors LLC raised its stake in shares of Best Buy by 100.6% during 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 purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $1,741,000. Waratah Capital Advisors Ltd. purchased a new stake in shares of Best Buy during the third quarter valued at approximately $3,032,000. Finally, Trust Investment Advisors purchased a new stake in shares of Best Buy during the third quarter valued at approximately $1,939,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the transaction, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at approximately $4,922,113.68. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 579,381 shares of company stock valued at $43,163,654 over the last quarter. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research note on Friday, May 29th. Piper Sandler reiterated a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th. Citigroup raised their price target on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Jefferies Financial Group raised their price target on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Evercore raised their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $79.05.

Best Buy Stock Performance

Best Buy stock opened at $74.03 on Tuesday. The company has a market cap of $15.60 billion, a PE ratio of 13.71, a P/E/G ratio of 1.90 and a beta of 1.30. The company has a fifty day moving average price of $63.49 and a two-hundred day moving average price of $66.66. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s payout ratio is currently 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.