iA Global Asset Management Inc. Acquires New Stake in Best Buy Co., Inc. $BBY

iA Global Asset Management Inc. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 37,350 shares of the technology retailer’s stock, valued at approximately $2,500,000.

Other institutional investors have also added to or reduced their stakes in the company. Woodline Partners LP grew its position in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario boosted its stake in shares of Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC boosted its stake in shares of Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after buying an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after buying an additional 76,102 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Best Buy from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Thursday. Wedbush increased their price objective on shares of Best Buy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Piper Sandler restated a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. The Goldman Sachs Group downgraded shares of Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price objective for the company. in a research note on Monday, April 13th. Finally, Truist Financial reduced their price objective on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $70.80.

Best Buy Stock Up 3.0%

Best Buy stock opened at $57.94 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. The firm has a market capitalization of $12.21 billion, a PE ratio of 11.50, a P/E/G ratio of 1.39 and a beta of 1.22. The company’s 50-day moving average is $62.08 and its 200-day moving average is $67.80.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 6.6%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Insider Activity

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the transaction, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares in the company, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.59% of the stock is owned by 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.