Hsbc Holdings PLC Acquires 1,030,544 Shares of Best Buy Co., Inc. $BBY

Hsbc Holdings PLC lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 104.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,020,539 shares of the technology retailer’s stock after acquiring an additional 1,030,544 shares during the period. Hsbc Holdings PLC’s holdings in Best Buy were worth $135,685,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Bayban bought a new stake in Best Buy in the 4th quarter valued at about $33,000. Tulsa Wealth Advisors INC bought a new position in shares of Best Buy during the fourth quarter worth approximately $2,851,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Best Buy during the fourth quarter worth approximately $404,000. Avory & Company LLC raised its position in shares of Best Buy by 6.4% in the fourth quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer’s stock valued at $233,000 after buying an additional 210 shares in the last quarter. Finally, SG Trading Solutions LLC bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $207,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of analyst reports. DA Davidson reissued a “buy” rating and set a $78.00 price target on shares of Best Buy in a research report on Friday, May 29th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a report on Saturday. 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 report on Tuesday, June 2nd. HSBC reduced their target price on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Finally, Evercore boosted their price target on Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $79.05.

Best Buy Stock Up 0.2%

Shares of BBY opened at $74.89 on Monday. The firm has a 50 day simple moving average of $65.59 and a two-hundred day simple moving average of $66.55. 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 one year low of $55.10 and a one year high of $84.99. The company has a market cap of $15.78 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.99 and a beta of 1.30.

Best Buy (NYSE:BBY) last issued its earnings results 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. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the business posted $1.15 EPS. The company’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. Research 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 will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.1%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the 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 transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. 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 500,350 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 583,533 shares of company stock worth $44,584,972. Company insiders own 0.50% of the company’s stock.

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.