Versor Investments Boosts Stake in Best Buy by 368.1%

Versor Investments LP has significantly increased its investment in Best Buy Co., Inc. (NYSE: BBY), acquiring an additional 21,719 shares during the second quarter of 2023. This move represents a remarkable growth of 368.1% in its holdings, bringing the total number of shares owned to 27,619. As of the latest filing with the Securities and Exchange Commission (SEC), these shares were valued at approximately $1.85 million.

Other institutional investors have also adjusted their positions in Best Buy recently. The Oliver Lagore Vanvalin Investment Group purchased a new stake valued at around $26,000, while Maseco LLP’s new stake is valued at approximately $39,000. Additionally, Bogart Wealth LLC raised its holdings by 202%, now owning 604 shares worth about $41,000. Sentry Investment Management LLC and Wealth Preservation Advisors LLC have also entered the market, with stakes valued at $44,000 and $53,000, respectively. Notably, institutional investors currently own 80.96% of Best Buy’s stock.

Insider Transactions and Market Performance

In related news, Best Buy’s Chairman, Richard M. Schulze, sold 500,000 shares of the company’s stock on October 20, 2023. The shares were sold at an average price of $80.83, resulting in a total transaction value of $40.42 million. Following this sale, Schulze retains 12,486,904 shares, valued at over $1 billion, reflecting a 3.85% decrease in his ownership.

Additionally, Chief Accounting Officer Mathew Watson sold 3,715 shares on August 29, 2023, for a total of $275,170.05. After this transaction, Watson holds 22,150 shares of Best Buy, valued at approximately $1.64 million. Recent insider trading has seen a total of 1,736,826 shares sold, amounting to $141.57 million. Currently, company insiders own just 0.47% of the company’s stock.

Best Buy’s shares opened at $82.23 on the New York Stock Exchange, and the company boasts a market capitalization of $17.28 billion. The stock’s price-to-earnings (P/E) ratio stands at 22.72, with a beta of 1.23. In terms of historical performance, Best Buy’s stock has a 52-week low of $54.99 and a high of $95.49.

Financial Results and Dividend Announcement

Best Buy recently reported its quarterly earnings on August 28, 2023, revealing earnings per share (EPS) of $1.28, surpassing analysts’ expectations of $1.22 by $0.06. The company generated revenue of $9.44 billion, exceeding the forecast of $9.23 billion. Furthermore, Best Buy achieved a return on equity of 47.32% and a net margin of 1.87%. Year-over-year revenue increased by 1.6%, although this was a slight decline from last year’s EPS of $1.34.

Looking ahead, Best Buy has provided fiscal year 2026 guidance projecting an EPS between $6.15 and $6.30. Analysts are predicting an average EPS of $6.18 for the current fiscal year.

In addition to its financial performance, Best Buy announced a quarterly dividend of $0.95, paid on October 9, 2023, to shareholders of record as of September 18, 2023. This dividend translates to an annualized payout of $3.80 and a yield of 4.6%. The company’s dividend payout ratio currently stands at 104.97%.

Best Buy Co., Inc. operates in the retail technology sector across the United States and Canada, offering a wide range of products including computing devices, mobile phones, and consumer electronics.