XTX Topco Ltd Increases Stake in Best Buy Co., Inc.

XTX Topco Ltd has significantly increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 77.2% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). After purchasing an additional 12,961 shares, XTX Topco Ltd now owns 29,759 shares of the technology retailer. As per its latest filing, the value of these holdings is estimated at $3,074,000.

Recent Institutional Investments

Moreover, several other institutional investors and hedge funds have recently adjusted their positions in Best Buy. For instance, Cetera Investment Advisers increased its stake by 155.0% in the first quarter and currently owns 54,480 shares worth approximately $4,469,000 after acquiring an additional 33,115 shares. Cetera Advisors LLC has also entered a new position valued at around $831,000. In addition, Park Avenue Securities LLC raised its holdings by 18.1% in the second quarter, with a total of 8,178 shares worth $689,000 after purchasing an extra 1,251 shares. Similarly, CWM LLC increased its stake by an impressive 174.4%, now holding 9,487 shares valued at $800,000 after buying 6,030 additional shares. Hexagon Capital Partners LLC bolstered its position by 45.3% as well, now owning 1,125 shares at a worth of $95,000 following the acquisition of 351 shares. Overall, around 80.96% of Best Buy's stock is owned by hedge funds and institutional investors.

Analyst Ratings for Best Buy

Equities analysts have conducted various evaluations on Best Buy recently. Melius Research initiated coverage with a "hold" rating and a target price of $100.00. Evercore ISI raised its price estimate from $90.00 to $94.00, providing an "in-line" rating. JPMorgan Chase & Co. also increased their target from $111.00 to $117.00 while giving an "overweight" rating. Meanwhile, the Telsey Advisory Group lowered its prediction from $115.00 to $110.00, maintaining an "outperform" rating. UBS Group reduced its price target from $123.00 to $115.00 and assigned a "buy" rating. Currently, one analyst has rated the stock as a sell, eight as a hold, ten as a buy, and one as a strong buy. MarketBeat indicates a consensus rating of "Moderate Buy" with an average price target of $101.06.

Current Stock Performance

As of Friday, Best Buy shares opened at $88.17. The company boasts a market capitalization of $18.93 billion and has a price-to-earnings (P/E) ratio of 15.07, a price/earnings-to-growth (PEG) ratio of 2.27, and a beta of 1.44. Best Buy's stock has fluctuated between a twelve-month low of $69.29 and a high of $103.71. The company's 50-day moving average stands at $93.12, while the two-hundred-day moving average is $89.62. In terms of financial ratios, Best Buy has a current ratio of 1.00, a quick ratio of 0.22, and a debt-to-equity ratio of 0.37.

Latest Earnings Report

Best Buy last issued its quarterly earnings results on November 26. The company reported earnings of $1.26 per share, falling short of analysts' consensus estimate of $1.30 by $0.04. Revenue was recorded at $9.45 billion, compared with the projected $9.63 billion. The net margin was 3.01%, and the return on equity was recorded at 45.93%. This revenue marks a decline of 3.2% compared to the same quarter last year, when earnings stood at $1.29 per share. Analysts expect Best Buy to report earnings of $6.18 per share for the current fiscal year.

Upcoming Dividend Payment

Additionally, Best Buy recently announced a quarterly dividend to be paid on January 7. Investors who hold shares by December 17 will receive a dividend of $0.94, reflecting an annualized dividend of $3.76 and a yield of 4.26%. The ex-dividend date is also set for December 17, with a payout ratio of 64.27%.

About Best Buy

Best Buy Co, Inc. operates in the retail sector, focusing on technology products across the United States, Canada, and internationally. The company offers computers, mobile phones, and related accessories, along with networking products, smartwatches, and a variety of consumer electronics such as audio systems, health and fitness devices, and smart home products, as well as home entertainment systems, including soundbars and televisions.

Best Buy, XTX, Investment