Versor Investments LP Buys 10,251 Shares of Best Buy Co., Inc. $BBY

Versor Investments LP boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 66.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,658 shares of the technology retailer’s stock after purchasing an additional 10,251 shares during the period. Versor Investments LP’s holdings in Best Buy were worth $1,717,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new stake in Best Buy during the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC purchased a new stake in Best Buy during the third quarter valued at approximately $25,000. Quest 10 Wealth Builders Inc. increased its holdings in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the last quarter. Activest Wealth Management increased its holdings in 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. Finally, Root Financial Partners LLC purchased a new stake in shares of Best Buy in the third quarter worth $32,000. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at $33,491,294.76. This trade represents a 7.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Todd G. Hartman sold 5,339 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $341,802.78. Following the completion of the transaction, the insider directly owned 44,098 shares of the company’s stock, valued at $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

BBY opened at $57.64 on Tuesday. The stock has a market capitalization of $12.14 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.47 and a beta of 1.22. The company has a fifty day moving average of $62.85 and a 200 day moving average of $68.71. Best Buy Co., Inc. has a fifty-two week low of $56.68 and a fifty-two week high of $84.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the company posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.5 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date of this dividend was Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is 76.19%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of analyst reports. Citigroup lifted their target price on shares of Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. BNP Paribas Exane lifted their target price on shares of Best Buy from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. HSBC lowered their target price on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. JPMorgan Chase & Co. cut shares of Best Buy from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $99.00 to $76.00 in a research note on Monday, February 2nd. Finally, Jefferies Financial Group lowered their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price of $71.75.

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.