Interval Partners LP Raises Holdings in Best Buy Co., Inc. $BBY

Interval Partners LP lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 1,762.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 431,937 shares of the technology retailer’s stock after acquiring an additional 408,744 shares during the period. Interval Partners LP’s holdings in Best Buy were worth $32,663,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Best Buy during the second quarter valued at about $171,851,000. AQR Capital Management LLC boosted its holdings in Best Buy by 39.5% in the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Best Buy by 61.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock worth $151,156,000 after purchasing an additional 764,064 shares in the last quarter. Invesco Ltd. boosted its stake in Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after purchasing an additional 621,863 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its position in Best Buy by 855.5% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock worth $46,094,000 after purchasing an additional 614,779 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on BBY shares. Telsey Advisory Group decreased their price target on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. The Goldman Sachs Group reduced their target price on Best Buy from $93.00 to $76.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Wedbush lowered their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday, February 24th. UBS Group boosted their price target on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, November 26th. Finally, Loop Capital increased their price objective on Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus price target of $76.20.

Best Buy Stock Up 0.1%

NYSE:BBY opened at $62.64 on Friday. 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 company’s fifty day moving average price is $66.25 and its 200-day moving average price is $72.43. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $84.99. The firm has a market capitalization of $13.10 billion, a P/E ratio of 12.43, a PEG ratio of 1.54 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. During the same period in the previous year, the firm posted $2.58 earnings per share. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be issued a $0.96 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a $3.84 annualized dividend and a dividend yield of 6.1%. Best Buy’s payout ratio is presently 75.40%.

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.