Assenagon Asset Management S.A. Has $12.85 Million Holdings in Best Buy Co., Inc. $BBY

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Best Buy Co., Inc. by 1,252.2% during the second quarter, now owning approximately 0.09% of the company, valued at $12.85 million.
• The technology retailer reported earnings per share of $1.28 for the latest quarter, exceeding expectations, along with a revenue of $9.44 billion, showcasing a 1.6% increase from the previous year.
• Best Buy announced a quarterly dividend of $0.95 per share, which translates to an annualized yield of 5.3%, despite a dividend payout ratio of approximately 104.97%.

Assenagon Asset Management S.A. increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1,252.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,370 shares of the technology retailer's stock after purchasing an additional 177,217 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of Best Buy worth $12,847,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. grew its stake in Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after acquiring an additional 178 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Best Buy in the fourth quarter valued at about $31,000. Oliver Lagore Vanvalin Investment Group acquired a new position in Best Buy in the second quarter valued at about $26,000. Grove Bank & Trust grew its stake in Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 173 shares during the period. Finally, Tompkins Financial Corp acquired a new position in Best Buy in the first quarter valued at about $48,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Truist Financial upped their price objective on Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday, August 29th. Wells Fargo & Company upped their price objective on Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Wall Street Zen raised Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $81.50.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,833 shares of company stock worth $14,941,472. Company insiders own 0.59% of the company's stock.

Best Buy Price Performance

Best Buy stock opened at $72.32 on Tuesday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.48. The stock's 50 day moving average is $71.39 and its 200-day moving average is $69.93. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 19.98, a PEG ratio of 1.90 and a beta of 1.19.

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

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.3%. Best Buy's dividend payout ratio is currently 104.97%.

Best Buy 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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