AGF Management Ltd. Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

14 Mar 2025, 06:19 by Jessica Moore · The Cerbat Gem

AGF Management Ltd. bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,876 shares of the technology retailer’s stock, valued at approximately $2,392,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinnacle Financial Partners Inc purchased a new position in Best Buy in the 4th quarter valued at $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares in the last quarter. Alberta Investment Management Corp boosted its position in Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after acquiring an additional 21,200 shares during the last quarter. Merit Financial Group LLC purchased a new stake in Best Buy during the 4th quarter valued at about $453,000. Finally, TCW Group Inc. raised its holdings in Best Buy by 26.7% in the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after acquiring an additional 84,505 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

NYSE BBY opened at $70.23 on Friday. The company has a market cap of $15.02 billion, a P/E ratio of 12.01, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a 50-day moving average of $84.64 and a two-hundred day moving average of $90.05.

Best Buy (NYSE:BBY – Get Free Report) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm earned $2.72 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BBY. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. DA Davidson lowered their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley cut their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Citigroup reduced their target price on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $93.50.

Check Out Our Latest Stock Report on Best Buy

About Best Buy

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.