Shariaportfolio Inc. Buys 7,652 Shares of Best Buy Co., Inc. $BBY

Shariaportfolio Inc. boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 27.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,874 shares of the technology retailer’s stock after purchasing an additional 7,652 shares during the quarter. Best Buy makes up approximately 1.0% of Shariaportfolio Inc.’s investment portfolio, making the stock its 16th largest holding. Shariaportfolio Inc.’s holdings in Best Buy were worth $2,303,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BBY. Vanguard Group Inc. raised its stake in shares of Best Buy by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after acquiring an additional 307,905 shares in the last quarter. AQR Capital Management LLC lifted its position in Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after acquiring an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Best Buy by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after acquiring an additional 160,713 shares in the last quarter. Invesco Ltd. boosted its stake in Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after acquiring an additional 271,988 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after purchasing an additional 605,911 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wedbush boosted their target price on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the stock an “outperform” rating in a research note on Friday, May 29th. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, June 22nd. Finally, Truist Financial increased their price target on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.50.

Best Buy Trading Down 0.1%

NYSE:BBY opened at $86.19 on Monday. The company has a market capitalization of $18.17 billion, a P/E ratio of 15.96, a PEG ratio of 2.29 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26. The firm has a fifty day simple moving average of $78.41 and a 200-day simple moving average of $68.83.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm 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%.The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders 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 is currently 71.11%.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was 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 directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock worth $77,283,527 over the last three months. Corporate insiders own 0.50% of the company’s stock.

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.