Gallacher Capital Management LLC Buys New Holdings in Best Buy Co., Inc. $BBY

Gallacher Capital Management LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the first quarter, HoldingsChannel.com reports. The firm purchased 8,527 shares of the technology retailer’s stock, valued at approximately $547,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the 3rd quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Hillsdale Investment Management Inc. acquired a new stake in Best Buy during the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its position in Best Buy by 239.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction 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 sale, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on 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 in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Telsey Advisory Group set a $90.00 price target on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. Daiwa Securities Group increased their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Five 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $79.50.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $85.75 on Friday. The business’s 50-day simple moving average is $72.71 and its 200 day simple moving average is $67.58. The company has a market cap of $18.07 billion, a P/E ratio of 15.88, a PEG ratio of 2.27 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $87.35.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the prior year, the business earned $1.15 EPS. Best Buy’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. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

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

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.