Healthcare of Ontario Pension Plan Trust Fund Grows Stake in Best Buy Co., Inc. $BBY

Healthcare of Ontario Pension Plan Trust Fund lifted its position in Best Buy Co., Inc. (NYSE:BBY) by 66.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,031,724 shares of the technology retailer’s stock after purchasing an additional 411,943 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Best Buy were worth $69,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Entropy Technologies LP boosted its stake in shares of Best Buy by 323.1% in the 4th quarter. Entropy Technologies LP now owns 21,905 shares of the technology retailer’s stock worth $1,466,000 after buying an additional 16,728 shares during the last quarter. Aigen Investment Management LP bought a new position in Best Buy in the 4th quarter worth $1,542,000. Atlas Capital Advisors Inc. bought a new position in Best Buy in the 4th quarter worth $32,000. Aptus Capital Advisors LLC bought a new position in Best Buy in the 4th quarter worth $211,000. Finally, Kestra Advisory Services LLC raised its holdings in Best Buy by 23.6% in the 4th quarter. Kestra Advisory Services LLC now owns 14,123 shares of the technology retailer’s stock worth $945,000 after purchasing an additional 2,693 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent research reports. BNP Paribas Exane raised their target price on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. HSBC decreased their target price on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Evercore raised their target price on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Telsey Advisory Group set a $90.00 price target on Best Buy and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Wells Fargo & Company raised their price target on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, May 28th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $79.05.

Best Buy Price Performance

NYSE:BBY opened at $78.70 on Monday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The business’s 50-day simple moving average is $64.51 and its two-hundred day simple moving average is $66.70. The stock has a market cap of $16.59 billion, a PE ratio of 14.57, a P/E/G ratio of 2.09 and a beta of 1.30. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of the transaction, the chief financial officer owned 76,884 shares in the company, valued at $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the transaction, the executive vice president owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. The trade was a 7.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 579,381 shares of company stock valued at $43,163,654. 0.50% of the stock is owned by corporate 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.