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

XTX Topco Ltd has significantly increased its position in Best Buy Co., Inc. (NYSE:BBY) by 77.2% during the third quarter, as stated in its latest filing with the Securities and Exchange Commission (SEC). Following this acquisition, the institutional investor now holds 29,759 shares of the technology retailer’s stock after acquiring an additional 12,961 shares. The market value of XTX Topco Ltd's holdings in Best Buy is reported to be $3,074,000 based on the latest SEC disclosure.

Other Institutional Investors' Activities

In addition to XTX Topco Ltd, several other institutional investors and hedge funds have also adjusted their positions in Best Buy. Cetera Investment Advisers increased its stake by an impressive 155.0% in the first quarter, bringing their total ownership to 54,480 shares, worth approximately $4,469,000 after adding 33,115 shares. Cetera Advisors LLC took a new position in Best Buy during the same quarter, valued at around $831,000.

Park Avenue Securities LLC raised its holdings by 18.1% in the second quarter, owning 8,178 shares after purchasing 1,251 more shares, valued at $689,000. CWM LLC boosted its position by 174.4% in the second quarter, now owning 9,487 shares after buying 6,030 additional shares valued at $800,000. Hexagon Capital Partners LLC also increased its stake in Best Buy by 45.3%, owning 1,125 shares worth $95,000 after purchasing 351 shares. As a result, approximately 80.96% of Best Buy’s stock is owned by hedge funds and other institutional investors.

Analyst Opinions

Recently, various equity analysts have issued their views on Best Buy. Melius Research initiated coverage of the stock with a “hold” rating and set a target price of $100.00. Evercore ISI raised their price expectation for Best Buy from $90.00 to $94.00, maintaining an “in-line” rating. On November 22, JPMorgan Chase & Co. increased their target price from $111.00 to $117.00, assigning an “overweight” rating. Telsey Advisory Group reduced their target price on the shares from $115.00 to $110.00 while maintaining an “outperform” rating. Finally, UBS Group cut their price objective from $123.00 to $115.00 and rated the company as a “buy.” Currently, one analyst rates the stock as a sell, eight have a hold rating, ten have a buy rating, and one rates it as a strong buy. The average target price sits at approximately $101.06, indicating a consensus rating of “Moderate Buy” according to MarketBeat.

Recent Stock Performance

On Friday, Best Buy shares opened at $88.17. The company holds a market capitalization of $18.93 billion, with a P/E ratio of 15.07, a PEG ratio of 2.27, and a beta of 1.44. Over the past year, the stock has reached a low of $69.29 and a high of $103.71, with its 50-day moving average at $93.12 and a 200-day moving average of $89.62. The current ratio is recorded at 1.00, while the quick ratio stands at 0.22, and the debt-to-equity ratio is at 0.37.

Quarterly Earnings and Dividend Announcements

Best Buy reported its quarterly earnings on November 26, unveiling earnings per share (EPS) of $1.26 for the quarter, which fell short of analysts' consensus estimates of $1.30. The reported revenue was $9.45 billion, compared to the expected $9.63 billion. The company's net margin was recorded at 3.01%, and its return on equity was 45.93%, indicating a 3.2% decline in revenue compared to the same quarter last year. For the fiscal year, analysts predict earnings of $6.18 per share.

Additionally, Best Buy announced a quarterly dividend of $0.94, to be paid on January 7, with an ex-dividend date set for December 17. This translates to an annualized dividend of $3.76, offering a yield of 4.26% with a payout ratio of 64.27%.

About Best Buy

Best Buy Co., Inc. is a retail company specializing in technology products across the United States, Canada, and internationally. Its stores offer a variety of computing and mobile products, including desktops, notebooks, networking devices, tablets, and an extensive range of consumer electronics. This includes smart home products, home theater systems, and portable audio devices.

Best, Buy, Investment