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

Key Points

• BI Asset Management Fondsmaeglerselskab A S sharply reduced its Best Buy stake by 91.5% in the first quarter, selling 94,053 shares and leaving it with 8,696 shares worth about $558,000.
• Best Buy recently reported better-than-expected quarterly results, with EPS of $1.28 versus estimates of $1.23 and revenue of $8.94 billion versus expectations of $8.82 billion. The company also reaffirmed FY 2027 EPS guidance of 6.3 to 6.6.
• The retailer announced a quarterly dividend of $0.96 per share, equal to a 5.0% annualized yield, while analysts remain generally cautious with an average Hold rating and a consensus price target of $79.50.

BI Asset Management Fondsmaeglerselskab A S cut its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 91.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 8,696 shares of the technology retailer's stock after selling 94,053 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Best Buy were worth $558,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Woodline Partners LP boosted its position in shares of Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock worth $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its position in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock worth $872,000 after buying an additional 7,288 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Down 0.8%

Shares of NYSE BBY opened at $76.98 on Friday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The firm has a market capitalization of $16.23 billion, a PE ratio of 14.26, a PEG ratio of 2.07 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. The business has a 50-day moving average price of $66.72 and a two-hundred day moving average price of $66.61.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm's quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.0%. The ex-dividend date is Thursday, June 18th. Best Buy's dividend payout ratio is currently 71.11%.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 5,100 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $78.00, for a total transaction of $397,800.00. Following the completion of the transaction, the chairman directly owned 10,849,537 shares in the company, valued at $846,263,886. This trade represents a 0.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 583,533 shares of company stock valued at $44,584,972. Insiders own 0.50% of the company's stock.

Trending Headlines about Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy rolled out RGB LED TVs nationwide through exclusive partnerships with major brands like Samsung, Sony, LG, TCL, and Hisense, giving the retailer a high-profile product launch that could help traffic and sales. Best Buy introduces RGB LED TVs to stores nationwide, ushering new era of home theater
• Positive Sentiment: Analysts continued to view Best Buy favorably, including Loop Capital maintaining a buy rating even after trimming its price target to $82, which still implies upside from recent trading levels. Loop Capital adjusts price target on Best Buy to $82 from $85, maintains buy rating
• Neutral Sentiment: Zacks highlighted Best Buy as a strong value stock, reinforcing the company’s valuation appeal but not indicating a near-term catalyst. Here's Why Best Buy (BBY) is a Strong Value Stock
• Neutral Sentiment: Additional analyst commentary on Best Buy and other consumer cyclical stocks kept BBY in focus, but the update did not include a major earnings or guidance change. Analysts Offer Insights on Consumer Cyclical Companies: Best Buy Co (BBY) and Ralph Lauren (RL)
• Negative Sentiment: Best Buy’s stock can also be pressured by broader tech-retail cost concerns, as Apple raised prices on MacBooks and iPads due to a memory chip shortage, underscoring margin pressures across the consumer electronics supply chain. Apple is hiking the prices of MacBooks and iPads due to the memory chip shortage

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Jefferies Financial Group increased their price target on Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Piper Sandler reissued a "neutral" rating and issued a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. HSBC cut their price objective on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Finally, BNP Paribas Exane raised their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $79.50.

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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