Assenagon Asset Management S.A. Has $40.33 Million Stock Holdings in Best Buy Co., Inc. $BBY

Assenagon Asset Management S.A. grew its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3,213.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 531,517 shares of the technology retailer's stock after acquiring an additional 515,476 shares during the period. Assenagon Asset Management S.A. owned 0.25% of Best Buy worth $40,332,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Krane Funds Advisors LLC grew its stake in shares of Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after buying an additional 151 shares in the last quarter. Applied Finance Capital Management LLC lifted its stake in Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer's stock valued at $286,000 after purchasing an additional 157 shares during the last quarter. J. Team Financial Inc. grew its holdings in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer's stock worth $285,000 after purchasing an additional 171 shares during the period. UMB Bank n.a. grew its holdings in Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer's stock worth $211,000 after purchasing an additional 185 shares during the period. Finally, Arjuna Capital increased its position in Best Buy by 1.0% during the fourth quarter. Arjuna Capital now owns 20,673 shares of the technology retailer's stock worth $1,384,000 after buying an additional 195 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BBY. Morgan Stanley upped their price objective on Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, May 29th. BNP Paribas Exane raised their price target on Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Jefferies Financial Group cut shares of Best Buy from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $89.00 to $85.00 in a research report on Wednesday. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research report on Monday, July 13th. Finally, Guggenheim restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 29th. Four analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $80.55.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction on 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 transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last three months. 0.50% of the stock is currently owned by company insiders.

Best Buy Trading Up 2.4%

Shares of Best Buy stock opened at $81.91 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The firm has a 50-day moving average of $79.93 and a 200-day moving average of $69.38. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $91.26. The stock has a market cap of $17.26 billion, a PE ratio of 15.17, a PEG ratio of 2.36 and a beta of 1.29.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the firm earned $1.15 earnings per share. Best Buy's revenue for the quarter 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. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Thursday, June 18th. Best Buy's payout ratio is 71.11%.

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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