Best Buy Co., Inc. $BBY Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management slashed its Best Buy position by 94.1% in the first quarter, selling 254,056 shares and leaving it with 16,041 shares worth about $1.03 million.
• Best Buy reported better-than-expected quarterly results, with EPS of $1.28 versus $1.23 expected and revenue of $8.94 billion versus $8.82 billion expected. The company also raised its FY 2027 guidance to 6.30-6.60 EPS.
• The retailer announced a quarterly dividend of $0.96 per share, implying an annualized yield of about 4.9%. Meanwhile, analysts remain cautious overall, with a consensus rating of “Hold” and an average price target of $79.50.

Assenagon Asset Management S.A. cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 94.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,041 shares of the technology retailer's stock after selling 254,056 shares during the period. Assenagon Asset Management S.A.'s holdings in Best Buy were worth $1,030,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of BBY. Palisade Asset Management LLC purchased a new stake in Best Buy in the 3rd quarter valued at $25,000. Torren Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new position in Best Buy in the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. purchased a new stake in Best Buy during the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its position in shares of Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after acquiring an additional 311 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of BBY opened at $77.81 on Friday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The stock's 50 day moving average is $67.90 and its two-hundred day moving average is $66.73. The firm has a market capitalization of $16.40 billion, a PE ratio of 14.41, a P/E/G ratio of 2.06 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 posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts anticipate that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 71.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Evercore increased their price objective on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Morgan Stanley raised their price target on Best Buy from $72.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. Truist Financial lifted their price target on Best Buy from $66.00 to $81.00 and gave the stock a "hold" rating in a research report on Friday, May 29th. Jefferies Financial Group boosted their price objective on Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, Loop Capital decreased their price objective on Best Buy from $85.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $79.50.

Insider Activity

In related news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company's stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the transaction, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock valued at $77,283,527 in the last quarter. Company insiders own 0.50% of the company's stock.

Best Buy 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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