Daiwa Securities Group Inc. Has $2.85 Million Stock Position in Best Buy Co., Inc. $BBY

Daiwa Securities Group Inc. grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 27.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,541 shares of the technology retailer’s stock after purchasing an additional 9,036 shares during the period. Daiwa Securities Group Inc.’s holdings in Best Buy were worth $2,848,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BBY. AQR Capital Management LLC raised its holdings in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the period. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter valued at about $174,685,000. KBC Group NV raised its holdings in shares of Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after purchasing an additional 785,294 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Best Buy by 14,865.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 771,159 shares of the technology retailer’s stock valued at $51,614,000 after purchasing an additional 766,006 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Best Buy during the third quarter valued at about $55,475,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other news, 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 transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 11,356 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. This represents a 12.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 579,381 shares of company stock worth $43,163,654. 0.59% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wedbush upped their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Daiwa Securities Group upped their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Citigroup upped their target price on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Telsey Advisory Group set a $90.00 target price on shares of Best Buy and gave the stock an “outperform” rating in a report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.05.

Best Buy Trading Up 1.3%

Shares of BBY stock opened at $75.16 on Wednesday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The company has a 50-day simple moving average of $63.73 and a two-hundred day simple moving average of $66.66. The company has a market capitalization of $15.84 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.97 and a beta of 1.30.

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

Best Buy Dividend Announcement

The business also recently announced 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. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

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.