Best Buy Co., Inc. $BBY Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Key Points

• Munich Reinsurance Co Stock Corp cut its Best Buy stake by 44.4% in the first quarter, selling 41,056 shares and leaving it with 51,372 shares valued at about $3.3 million.
• Best Buy also saw notable insider selling, including Chairman Richard M. Schulze’s sale of 224,705 shares; insiders have sold about 1.0 million shares over the past three months.
• The company recently beat quarterly earnings estimates with EPS of $1.28 and revenue of $8.94 billion, while also declaring a quarterly dividend of $0.96 per share, equal to a 4.9% yield.

Munich Reinsurance Co Stock Corp in Munich trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 44.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,372 shares of the technology retailer's stock after selling 41,056 shares during the period. Munich Reinsurance Co Stock Corp in Munich's holdings in Best Buy were worth $3,298,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Palisade Asset Management LLC purchased a new stake in shares of Best Buy in the third quarter worth about $25,000. MV Capital Management Inc. purchased a new position in Best Buy in the 4th quarter worth approximately $25,000. Torren Management LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. acquired a new position in shares of Best Buy during the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. lifted 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 purchasing an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 224,705 shares of the business's stock in a transaction that occurred on 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 completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the 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 sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on BBY. BNP Paribas Exane boosted their price objective 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. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the stock an "outperform" rating in a research report on Friday, May 29th. UBS Group reiterated a "neutral" rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Piper Sandler reaffirmed a "neutral" rating and issued a $77.00 target price on shares of Best Buy in a research report on Thursday, May 28th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $79.50.

Best Buy Trading Down 0.8%

Best Buy stock opened at $78.09 on Thursday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The firm's 50-day moving average is $69.26 and its 200-day moving average is $66.90. 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 company has a market cap of $16.46 billion, a P/E ratio of 14.46, a PEG ratio of 2.09 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. The company'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. On average, equities analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

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

About Best Buy

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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