PDT Partners LLC Invests $11.49 Million in Best Buy Co., Inc. $BBY

PDT Partners LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the second quarter, HoldingsChannel reports. The institutional investor purchased 151,472 shares of the technology retailer’s stock, valued at approximately $11,494,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BBY. Palisade Asset Management LLC bought a new stake in shares of Best Buy in the 3rd quarter worth $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy during the fourth quarter valued at $25,000. Torren Management LLC bought a new position in shares of Best Buy during the fourth quarter valued at $25,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at $29,000. Finally, Activest Wealth Management boosted its position in shares of Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after buying an additional 424 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BBY shares. Daiwa Securities Group boosted their target price on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Telsey Advisory Group raised their price target on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Truist Financial upgraded shares of Best Buy from a “hold” rating to a “buy” rating and lifted their price target for the stock from $81.00 to $95.00 in a research note on Tuesday, August 11th. Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a report on Monday, July 13th. Finally, UBS Group restated a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $83.10.

Best Buy Stock Down 2.5%

Best Buy stock opened at $85.33 on Wednesday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26. The stock has a fifty day moving average of $82.55 and a 200 day moving average of $71.03. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The stock has a market cap of $17.98 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. The business 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 business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.58 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. 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 4.5%. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. 0.50% of the stock is currently owned by company insiders.

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.