Danske Bank A S Invests $7.08 Million in Best Buy Co., Inc. $BBY

Key Points

• Danske Bank bought 93,309 Best Buy shares worth approximately $7.08 million during the second quarter. Institutional investors collectively own 80.96% of BBY.
• Analysts maintain a largely neutral view, with an average rating of “Hold” and a consensus price target of $83.10; five analysts rate the stock a Buy, 15 a Hold and two a Sell.
• Best Buy exceeded quarterly expectations with $1.28 EPS and $8.94 billion in revenue, while paying a quarterly dividend of $0.96, representing a 4.5% annualized yield.

Danske Bank A S purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 93,309 shares of the technology retailer's stock, valued at approximately $7,080,000.

A number of other hedge funds also recently added to or reduced their stakes in BBY. Wealthfront Advisers LLC purchased a new stake in shares of Best Buy in the 2nd quarter worth approximately $731,000. Foster & Motley Inc. purchased a new stake in Best Buy during the second quarter worth $1,962,000. Meeder Asset Management Inc. purchased a new position in shares of Best Buy in the 2nd quarter valued at $1,224,000. Citizens Financial Group Inc. RI bought a new position in shares of Best Buy in the 2nd quarter worth $285,000. Finally, BlackRock Inc. purchased a new stake in shares of Best Buy during the second quarter valued at about $1,932,812,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BBY. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note on Monday, June 22nd. BNP Paribas Exane raised their price target on 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 upped their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. lifted their price objective on shares of Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, UBS Group reiterated a "neutral" rating and issued a $86.00 target price (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $83.10.

Insiders Place Their Bets

In related news, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at $1,596,294. The trade was a 7.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last ninety days. Corporate insiders own 0.50% of the company's stock.

Best Buy Trading Up 0.4%

NYSE BBY opened at $86.07 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The stock has a market capitalization of $18.14 billion, a P/E ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The firm's 50-day moving average is $82.15 and its two-hundred day moving average is $70.72. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $91.26.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the previous year, the firm earned $1.15 EPS. The business's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.56 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 9th. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy's payout ratio is 71.11%.

Best Buy Company Profile

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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