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

XTX Topco Ltd increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by a remarkable 77.2% during the third quarter, as indicated in its latest filing with the Securities and Exchange Commission (SEC). After making additional purchases, the institutional investor now owns 29,759 shares of the technology retailer, which were valued at approximately $3,074,000 in its most recent report to the SEC.

Recent Moves by Other Investors

Alongside XTX Topco Ltd, several other institutional investors and hedge funds have also adjusted their stakes in Best Buy. For instance, Cetera Investment Advisers increased its ownership of Best Buy shares by 155.0% in the first quarter, now holding 54,480 shares valued at $4,469,000 after acquiring an extra 33,115 shares. Cetera Advisors LLC similarly entered a new position in Best Buy worth around $831,000 during the same period.

Throughout the second quarter, Park Avenue Securities LLC raised its stake by 18.1%, now owning 8,178 shares valued at $689,000 after purchasing an additional 1,251 shares. CWM LLC also increased its holdings in Best Buy by 174.4%, raising its total to 9,487 shares worth $800,000. Meanwhile, Hexagon Capital Partners LLC’s investment grew by 45.3%, amounting to 1,125 shares valued at $95,000. Currently, about 80.96% of Best Buy’s stock is owned by hedge funds and institutional investors.

Analyst Ratings and Predictions

Equity analysts have provided several updates regarding Best Buy's stock. Melius Research recently began coverage, assigning a "hold" rating and setting a target price of $100.00. Meanwhile, Evercore ISI raised its target price from $90.00 to $94.00 while maintaining an "in-line" rating. In another review, JPMorgan Chase & Co. increased its target price from $111.00 to $117.00, offering an "overweight" rating for the company.

Telsey Advisory Group reduced its price target from $115.00 to $110.00 but retains an "outperform" rating. Similarly, UBS Group adjusted its target from $123.00 to $115.00 and gave the stock a "buy" rating. Currently, one analyst has issued a sell rating, eight analysts recommend holding, ten suggest buying, and one rates the stock as a strong buy. According to MarketBeat, the stock has an overall consensus rating of "Moderate Buy" and an average price expectation of $101.06.

Current Stock Performance

The shares of Best Buy opened at $88.17 on Friday, with a market capitalization of $18.93 billion. The company's price-to-earnings (P/E) ratio stands at 15.07, while the price-to-earnings growth (PEG) ratio is 2.27, and the stock has a beta of 1.44. Best Buy's stock has seen a 12-month low of $69.29 and a high of $103.71. The 50-day moving average is $93.12, with the 200-day moving average at $89.62.

Latest Earnings Report

Best Buy last reported quarterly earnings on November 26th, revealing an earnings per share (EPS) of $1.26, which fell short of analysts' expectations of $1.30. Revenue for the quarter totaled $9.45 billion, lower than the forecast of $9.63 billion. The company's net margin registered at 3.01%, and it achieved a return on equity of 45.93%, although revenue did decrease by 3.2% compared to the same quarter last year. Analysts anticipate that Best Buy will report an EPS of 6.18 for the current fiscal year.

Upcoming Dividend Announcement

Recently, Best Buy announced a quarterly dividend payment of $0.94, scheduled for distribution on January 7th. Shareholders on record as of December 17th will receive this dividend, translating to an annual yield of 4.26%. This dividend reflects a payout ratio of 64.27%.

Company Overview

Best Buy Co., Inc. specializes in the retail of technology products across the United States, Canada, and internationally. Its product range includes computing and mobile devices, networking products, consumer electronics, smart home devices, and various audio-visual equipment, among others.

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