Grantham Mayo Van Otterloo & Co. LLC Boosts Stake in Best Buy Co., Inc. $BBY

Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 38.5% during the third quarter, Holdings Channel.com reports. The fund owned 147,821 shares of the technology retailer’s stock after buying an additional 41,073 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Best Buy were worth $11,178,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in Best Buy in the third quarter valued at approximately $1,337,000. Blair William & Co. IL raised its stake in shares of Best Buy by 3.5% during the 3rd quarter. Blair William & Co. IL now owns 48,712 shares of the technology retailer’s stock worth $3,684,000 after buying an additional 1,657 shares during the period. First Trust Advisors LP raised its stake in shares of Best Buy by 17.1% during the 3rd quarter. First Trust Advisors LP now owns 675,289 shares of the technology retailer’s stock worth $51,065,000 after buying an additional 98,465 shares during the period. Islay Capital Management LLC purchased a new position in shares of Best Buy during the 3rd quarter valued at approximately $564,000. Finally, Rock Point Advisors LLC grew its stake in Best Buy by 2.4% in the 3rd quarter. Rock Point Advisors LLC now owns 29,258 shares of the technology retailer’s stock valued at $2,212,000 after acquiring an additional 684 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the subject of several recent analyst reports. BNP Paribas Exane boosted their price target on shares of Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. DA Davidson set a $78.00 price objective on shares of Best Buy in a report on Thursday. Evercore reiterated a “buy” rating and issued a $75.00 target price on shares of Best Buy in a research report on Wednesday, March 4th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Wells Fargo & Company decreased their price target on shares of Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 18th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.20.

Best Buy Stock Performance

NYSE:BBY opened at $66.05 on Tuesday. The company’s 50-day moving average price is $66.60 and its 200-day moving average price is $72.72. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a market cap of $13.81 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.64 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $84.99.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.8%. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is currently 75.40%.

Best Buy 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.