Best Buy Co., Inc. $BBY Shares Bought by Financiere des Professionnels Fonds d investissement inc.

Financiere des Professionnels Fonds d investissement inc. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1,526.5% during the 1st quarter, Holdings Channel reports. The firm owned 26,024 shares of the technology retailer’s stock after acquiring an additional 24,424 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.’s holdings in Best Buy were worth $1,671,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Woodline Partners LP increased its position in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. grew its stake in Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after purchasing an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario grew its stake in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after purchasing an additional 7,288 shares during the last quarter. Ieq Capital LLC lifted its holdings in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after purchasing an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In related news, 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 sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. Company insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BBY shares. BNP Paribas Exane increased their price target on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. DA Davidson restated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, June 22nd. Evercore upped their price objective on shares of Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Daiwa Securities Group increased their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Finally, Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price for the company. in a report on Monday. Five investment 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $79.50.

Best Buy Trading Up 0.5%

BBY stock opened at $85.75 on Friday. The company’s 50-day simple moving average is $72.71 and its 200-day simple moving average is $67.58. 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 Co., Inc. has a 52-week low of $55.10 and a 52-week high of $87.35. The firm has a market cap of $18.07 billion, a P/E ratio of 15.88, a PEG ratio of 2.27 and a beta of 1.30.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal 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 issued 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 dividend payout ratio (DPR) is presently 71.11%.

Best Buy Company 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.