FNY Investment Advisers LLC Takes $584,000 Position in Best Buy Co., Inc. $BBY

FNY Investment Advisers LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, Holdings Channel reports. The institutional investor bought 7,700 shares of the technology retailer’s stock, valued at approximately $584,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Krane Funds Advisors LLC boosted its stake in Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after buying an additional 151 shares in the last quarter. Applied Finance Capital Management LLC raised its stake in shares of Best Buy by 3.8% in the 4th 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. J. Team Financial Inc. raised its stake in shares of Best Buy by 4.2% in the 4th quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock valued at $285,000 after buying an additional 171 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Best Buy by 6.2% during the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after acquiring an additional 185 shares during the period. Finally, Arjuna Capital lifted its holdings in shares of 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 during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Down 5.5%

Shares of NYSE:BBY opened at $79.87 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. 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 company’s fifty day moving average is $79.85 and its 200-day moving average is $69.29. The company has a market capitalization of $16.84 billion, a PE ratio of 14.79, a P/E/G ratio of 2.43 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 analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter last year, the company posted $1.15 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Analyst Ratings Changes

Several analysts have recently weighed in on BBY shares. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Morgan Stanley increased their price target on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Piper Sandler reaffirmed a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a report on Thursday, May 28th. Finally, UBS Group reiterated a “neutral” rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Four investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $80.55.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was 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 of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the firm’s 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 directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. 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.