Allianz Asset Management GmbH Cuts Position in Best Buy Co., Inc. $BBY

Key Points

• Allianz Asset Management cut its Best Buy stake by 13.7% in the fourth quarter, selling 225,052 shares and leaving it with 1,414,150 shares valued at about $94.6 million.
• Best Buy beat earnings expectations in its latest quarter, reporting $1.28 EPS on revenue of $8.94 billion, with revenue up 1.9% year over year.
• The company announced a quarterly dividend of $0.96 per share, implying an annualized yield of 5.1%, while analysts currently rate the stock a consensus Hold with an average price target of $79.05.

Allianz Asset Management GmbH decreased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 13.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,414,150 shares of the technology retailer's stock after selling 225,052 shares during the quarter. Allianz Asset Management GmbH owned about 0.67% of Best Buy worth $94,649,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Best Buy by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer's stock valued at $1,623,409,000 after purchasing an additional 307,905 shares during the last quarter. AQR Capital Management LLC grew its holdings in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Northern Trust Corp grew its holdings in Best Buy by 5.5% in the third quarter. Northern Trust Corp now owns 2,888,664 shares of the technology retailer's stock valued at $218,441,000 after purchasing an additional 150,871 shares during the last quarter. Norges Bank acquired a new stake in Best Buy in the fourth quarter valued at $174,685,000. Finally, Bank of New York Mellon Corp grew its holdings in Best Buy by 26.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,218,885 shares of the technology retailer's stock valued at $148,510,000 after purchasing an additional 464,041 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Performance

NYSE BBY opened at $75.79 on Thursday. The business's 50-day moving average price is $63.97 and its 200 day moving average price is $66.68. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a market capitalization of $15.97 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 2.00 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

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

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.1%. Best Buy's dividend payout ratio (DPR) is 71.11%.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company's stock, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 579,381 shares of company stock valued at $43,163,654. Company insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on BBY shares. Citigroup upped their target price on Best Buy from $60.00 to $79.00 and gave the company a "neutral" rating in a report on Friday, May 29th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 4th. Wells Fargo & Company upped their target price on Best Buy from $60.00 to $65.00 and gave the company an "equal weight" rating in a report on Thursday, May 28th. Evercore upped their target price on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Finally, Truist Financial upped their target price on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $79.05.

Best Buy Company Profile

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.

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