Allianz Asset Management GmbH Has $104.06 Million Stock Holdings in Best Buy Co., Inc. $BBY

Key Points

• Allianz Asset Management GmbH increased its holdings in Best Buy Co., Inc. by 27.7%, owning 1,550,145 shares valued at approximately $104.06 million as of the end of the last quarter.
• Brokerages like Wells Fargo & Company and Truist Financial have raised their price targets on Best Buy's stock, indicating a generally optimistic outlook among analysts.
• In a recent earnings report, Best Buy exceeded expectations with $1.28 earnings per share and reported a revenue of $9.44 billion for the quarter, reflecting a 1.6% year-over-year increase.

Allianz Asset Management GmbH lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,550,145 shares of the technology retailer's stock after purchasing an additional 335,793 shares during the period. Allianz Asset Management GmbH owned 0.73% of Best Buy worth $104,061,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Invesco Ltd. increased its stake in shares of Best Buy by 6.4% during the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock worth $289,051,000 after purchasing an additional 234,669 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Best Buy by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer's stock valued at $240,173,000 after buying an additional 105,710 shares during the last quarter. AQR Capital Management LLC grew its stake in Best Buy by 36.5% in the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after buying an additional 671,408 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Best Buy by 3.3% in the 1st quarter. Federated Hermes Inc. now owns 1,665,228 shares of the technology retailer's stock valued at $122,577,000 after buying an additional 52,550 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BBY. Wells Fargo & Company upped their price target on shares of Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Truist Financial increased their price objective on shares of Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research note on Friday, August 29th. Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Wedbush upped their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Finally, Evercore ISI upped their price target on shares of Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $81.69.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the transaction, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 201,833 shares of company stock valued at $14,941,472. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Trading Up 0.2%

BBY opened at $78.59 on Friday. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $99.00. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $74.56 and a 200-day moving average of $70.23. The stock has a market cap of $16.51 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 2.06 and a beta of 1.23.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same period in the prior year, the company posted $1.34 earnings per share. Best Buy's revenue for the quarter was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were given a dividend of $0.95 per share. The ex-dividend date was Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.8%. Best Buy's dividend payout ratio is 104.97%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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