Moore Capital Management LP Makes New Investment in Best Buy Co., Inc. $BBY

Moore Capital Management LP bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 12,161 shares of the technology retailer’s stock, valued at approximately $923,000.

Several other large investors have also added to or reduced their stakes in the company. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the third quarter valued at about $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at approximately $29,000. Atlas Capital Advisors Inc. purchased a new position in Best Buy during the fourth quarter worth $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Best Buy during the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 500,000 shares of company stock valued at $39,065,226 over the last quarter. Insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on BBY shares. Barclays increased their target price on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday. DA Davidson raised their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday. Morgan Stanley boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday. The Goldman Sachs Group raised their price target on shares of Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a report on Friday. Finally, Jefferies Financial Group lowered Best Buy from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $85.40.

Best Buy Stock Down 2.6%

Shares of NYSE BBY opened at $80.31 on Tuesday. The company’s 50-day simple moving average is $83.24 and its 200-day simple moving average is $71.45. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The firm has a market cap of $16.93 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 2.29 and a beta of 1.29. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts predict that Best Buy Co., Inc. will post 6.79 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is 63.89%.

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.