Best Buy Co., Inc. (NYSE:BBY) Shares Sold by ING Groep NV

ING Groep NV decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 51.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,330 shares of the technology retailer's stock after selling 8,802 shares during the period. ING Groep NV's holdings in Best Buy were worth $613,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. raised its holdings in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the last quarter. APG Asset Management N.V. acquired a new position in shares of Best Buy in the 4th quarter valued at $9,073,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after acquiring an additional 13,378 shares during the last quarter. GAMMA Investing LLC lifted its position in Best Buy by 5,519.3% during the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after acquiring an additional 170,050 shares during the period. Finally, Rhumbline Advisers grew its stake in Best Buy by 10.2% during the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock valued at $36,972,000 after purchasing an additional 46,645 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY traded up $1.43 on Friday, hitting $68.98. 2,441,326 shares of the company's stock were exchanged, compared to its average volume of 3,231,870. The firm has a 50-day moving average price of $69.15 and a 200-day moving average price of $72.81. The stock has a market cap of $14.58 billion, a price-to-earnings ratio of 16.87, a P/E/G ratio of 1.78 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

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

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wedbush decreased their target price on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Barclays reduced their target price on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. DA Davidson reaffirmed a "buy" rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Finally, Piper Sandler restated a "neutral" rating and issued a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $85.72.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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.