Commerzbank Aktiengesellschaft FI Invests $460,000 in Best Buy Co., Inc. (NYSE:BBY)

Commerzbank Aktiengesellschaft FI bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 6,247 shares of the technology retailer's stock, valued at approximately $460,000.

A number of other institutional investors have also modified their holdings of BBY. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $178,015,000. Northern Trust Corp raised its position in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after purchasing an additional 701,287 shares during the last quarter. Invesco Ltd. raised its position in shares of Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after purchasing an additional 629,180 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Best Buy by 101.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after purchasing an additional 561,413 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Best Buy by 461.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after purchasing an additional 511,161 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on BBY. Wedbush decreased their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Piper Sandler reissued a "neutral" rating and set a $75.00 price target (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Citigroup reissued a "neutral" rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Guggenheim reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Tuesday, June 10th. Finally, Telsey Advisory Group reissued an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $85.72.

Best Buy Price Performance

BBY stock traded up $1.98 during trading hours on Tuesday, hitting $68.17. 3,466,240 shares of the stock traded hands, compared to its average volume of 3,354,714. 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 one year low of $54.99 and a one year high of $103.71. The company has a market cap of $14.41 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.75 and a beta of 1.24. The stock has a 50-day simple moving average of $70.41 and a 200 day simple moving average of $74.39.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same period in the prior year, the business earned $1.20 EPS. The business's revenue for the quarter was down .9% on a year-over-year basis. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction that occurred on 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 transaction, the chairman directly owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.59% of the company's stock.

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.