6,247 Shares in Best Buy Co., Inc. (NYSE:BBY) Acquired by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,247 shares of the technology retailer's stock, valued at approximately $460,000.

Several other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC raised its holdings in Best Buy by 460.3% in the fourth quarter. HighTower Advisors LLC now owns 45,406 shares of the technology retailer's stock worth $3,896,000 after purchasing an additional 37,302 shares in the last quarter. Avantax Advisory Services Inc. grew its position in shares of Best Buy by 13.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 8,238 shares of the technology retailer's stock worth $707,000 after buying an additional 974 shares during the last quarter. Cibc World Markets Corp raised its stake in shares of Best Buy by 14.9% during the 4th quarter. Cibc World Markets Corp now owns 31,227 shares of the technology retailer's stock worth $2,679,000 after acquiring an additional 4,053 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Best Buy during the fourth quarter valued at approximately $1,478,000. Finally, Xponance Inc. boosted its stake in Best Buy by 35.7% in the fourth quarter. Xponance Inc. now owns 40,294 shares of the technology retailer's stock valued at $3,457,000 after acquiring an additional 10,590 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on BBY shares. Piper Sandler reissued a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Loop Capital cut their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Truist Financial upped their price objective on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Wedbush cut their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Finally, Guggenheim restated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $85.72.

Best Buy Trading Down 0.2%

NYSE:BBY traded down $0.16 during trading hours on Friday, hitting $67.51. The company had a trading volume of 3,540,238 shares, compared to its average volume of 3,351,661. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $70.41 and a 200 day moving average of $74.47. The company has a market cap of $14.27 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.78 and a beta of 1.24. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.63%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

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.