Assenagon Asset Management S.A. Sells 19,588 Shares of Best Buy Co., Inc. (NYSE:BBY)

Assenagon Asset Management S.A. cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 58.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,153 shares of the technology retailer's stock after selling 19,588 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Best Buy were worth $1,042,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. grew its stake in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy during the 4th quarter valued at approximately $31,000. Atlas Capital Advisors Inc. grew its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares during the period. Ancora Advisors LLC grew its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 374 shares during the period. Finally, OFI Invest Asset Management bought a new position in shares of Best Buy during the 4th quarter valued at approximately $34,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $67.76 on Thursday. The stock's fifty day moving average is $68.31 and its 200 day moving average is $77.27. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The firm has a market capitalization of $14.32 billion, a PE ratio of 16.57, a PEG ratio of 1.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Analyst Ratings Changes

BBY has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. DA Davidson restated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Evercore ISI dropped their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. Guggenheim restated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Finally, Bank of America dropped their price target on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, Best Buy has a consensus rating of "Hold" and a consensus price target of $86.11.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now owns 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 804,374 shares of company stock valued at $58,735,581. 0.47% of the stock is currently owned by corporate insiders.

About Best Buy

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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