Renaissance Technologies LLC Purchases 770,339 Shares of Best Buy Co., Inc. $BBY

Renaissance Technologies LLC increased its position in Best Buy Co., Inc. (NYSE:BBY) by 113.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,449,439 shares of the technology retailer’s stock after buying an additional 770,339 shares during the period. Renaissance Technologies LLC owned 0.69% of Best Buy worth $93,054,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hilltop Holdings Inc. grew its position in Best Buy by 78.2% in the first quarter. Hilltop Holdings Inc. now owns 6,743 shares of the technology retailer’s stock worth $433,000 after acquiring an additional 2,960 shares in the last quarter. Compound Planning Inc. raised its holdings in shares of Best Buy by 24.0% during the 1st quarter. Compound Planning Inc. now owns 4,554 shares of the technology retailer’s stock valued at $292,000 after purchasing an additional 881 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Best Buy by 9,497.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 731,739 shares of the technology retailer’s stock valued at $46,978,000 after purchasing an additional 724,115 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Best Buy in the 1st quarter valued at $1,932,000. Finally, Sei Investments Co. lifted its stake in shares of Best Buy by 42.1% in the 1st quarter. Sei Investments Co. now owns 128,918 shares of the technology retailer’s stock valued at $8,277,000 after purchasing an additional 38,169 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on BBY shares. Evercore increased their target price on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Truist Financial boosted their price target on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday, May 29th. 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 note on Friday, May 29th. Finally, BNP Paribas Exane increased their price objective on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average target price of $79.50.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock worth $77,283,527 over the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

NYSE BBY opened at $85.26 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a fifty day simple moving average of $75.59 and a 200 day simple moving average of $68.19. The company has a market cap of $17.97 billion, a P/E ratio of 15.79, a P/E/G ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $87.35.

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

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy’s payout ratio is presently 71.11%.

Best Buy Company 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.