L2 Asset Management LLC Takes $7.75 Million Position in Best Buy Co., Inc. $BBY

L2 Asset Management LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 102,104 shares of the technology retailer’s stock, valued at approximately $7,748,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tema ETFs LLC lifted its stake in Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares in the last quarter. Krane Funds Advisors LLC grew its stake in shares of Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after buying an additional 151 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Best Buy by 3.8% in the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after buying an additional 157 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Best Buy by 6.2% in the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock valued at $211,000 after buying an additional 185 shares during the period. Finally, Arjuna Capital lifted its stake in Best Buy by 1.0% during the 4th quarter. Arjuna Capital now owns 20,673 shares of the technology retailer’s stock worth $1,384,000 after acquiring an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BBY. Truist Financial upgraded Best Buy from a “hold” rating to a “buy” rating and raised their target price for the company from $81.00 to $95.00 in a report on Tuesday, August 11th. Piper Sandler boosted their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday. Evercore increased their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Daiwa Securities Group raised their price objective on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Finally, Citigroup lifted their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average price target of $83.10.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction that occurred 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 approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 over the last 90 days. Insiders own 0.50% of the company’s stock.

Best Buy Trading Up 1.9%

NYSE:BBY opened at $87.51 on Tuesday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26. The firm has a market cap of $18.44 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a fifty day moving average price of $82.36 and a 200 day moving average price of $70.91.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.57 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. Best Buy’s payout ratio is currently 71.11%.

Best Buy 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.