Allianz Asset Management GmbH Has $89.39 Million Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Allianz Asset Management GmbH lessened its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 24.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,214,352 shares of the technology retailer's stock after selling 391,890 shares during the period. Allianz Asset Management GmbH owned about 0.57% of Best Buy worth $89,389,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BBY. Pinnacle Bancorp Inc. boosted its holdings in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after buying an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the 4th quarter valued at about $31,000. Atlas Capital Advisors Inc. boosted its holdings in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC raised its position in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after buying an additional 374 shares in the last quarter. Finally, Grove Bank & Trust raised its position in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BBY shares. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. Barclays lowered their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Piper Sandler reiterated a "neutral" rating and set a $75.00 price objective (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Truist Financial upped their price objective on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Finally, UBS Group reduced their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $85.72.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Trading Down 2.0%

Shares of NYSE:BBY traded down $1.40 during trading on Thursday, reaching $67.06. The stock had a trading volume of 1,873,866 shares, compared to its average volume of 3,696,944. The firm's fifty day moving average is $70.06 and its 200 day moving average is $74.18. 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 Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The stock has a market cap of $14.17 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 1.80 and a beta of 1.24.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.67%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

Best Buy Company Profile

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.