BI Asset Management Fondsmaeglerselskab A S Sells 94,053 Shares of Best Buy Co., Inc. $BBY

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 91.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,696 shares of the technology retailer’s stock after selling 94,053 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Best Buy were worth $558,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in Best Buy in the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter worth $25,000. Palisade Asset Management LLC bought a new stake in shares of Best Buy during the 3rd quarter worth $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy in the 4th quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy rolled out RGB LED TVs nationwide through exclusive partnerships with major brands like Samsung, Sony, LG, TCL, and Hisense, giving the retailer a high-profile product launch that could help traffic and sales. Best Buy introduces RGB LED TVs to stores nationwide, ushering new era of home theater
• Positive Sentiment: Analysts continued to view Best Buy favorably, including Loop Capital maintaining a buy rating even after trimming its price target to $82, which still implies upside from recent trading levels. Loop Capital adjusts price target on Best Buy to $82 from $85, maintains buy rating
• Neutral Sentiment: Zacks highlighted Best Buy as a strong value stock, reinforcing the company’s valuation appeal but not indicating a near-term catalyst. Here’s Why Best Buy (BBY) is a Strong Value Stock
• Neutral Sentiment: Additional analyst commentary on Best Buy and other consumer cyclical stocks kept BBY in focus, but the update did not include a major earnings or guidance change. Analysts Offer Insights on Consumer Cyclical Companies: Best Buy Co (BBY) and Ralph Lauren (RL)
• Negative Sentiment: Best Buy’s stock can also be pressured by broader tech-retail cost concerns, as Apple raised prices on MacBooks and iPads due to a memory chip shortage, underscoring margin pressures across the consumer electronics supply chain. Apple is hiking the prices of MacBooks and iPads due to the memory chip shortage

Best Buy Trading Down 0.8%

Shares of Best Buy stock opened at $76.98 on Friday. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99. The firm has a market capitalization of $16.23 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company’s fifty day moving average price is $66.72 and its two-hundred day moving average price is $66.61.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the prior year, the business posted $1.15 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 5.0%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent analyst reports. HSBC decreased their price target on shares of Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Citigroup increased their target price on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, June 20th. DA Davidson reaffirmed a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $79.50.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 5,100 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $78.00, for a total value of $397,800.00. Following the sale, the chairman owned 10,849,537 shares of the company’s stock, valued at approximately $846,263,886. This represents a 0.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 583,533 shares of company stock worth $44,584,972 in the last 90 days. 0.50% of the stock is owned by corporate insiders.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.