DekaBank Deutsche Girozentrale Buys 10,165 Shares of Best Buy Co., Inc. (NYSE:BBY)

DekaBank Deutsche Girozentrale increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 142,790 shares of the technology retailer's stock after buying an additional 10,165 shares during the quarter. DekaBank Deutsche Girozentrale owned about 0.07% of Best Buy worth $10,276,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of BBY. Norges Bank acquired a new stake in Best Buy during the 4th quarter valued at approximately $178,015,000. Northern Trust Corp grew 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 worth $252,495,000 after acquiring an additional 701,287 shares in the last quarter. Invesco Ltd. grew 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 worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Arrowstreet Capital Limited Partnership grew 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 worth $95,661,000 after acquiring an additional 561,413 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew 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 worth $53,367,000 after acquiring an additional 511,161 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BBY. DA Davidson reiterated a "buy" rating and issued a $110.00 target price on shares of Best Buy in a research report on Monday, April 14th. Truist Financial raised their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. 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. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. Finally, Loop Capital cut their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $85.72.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the business's 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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.59% of the stock is owned by company insiders.

Best Buy Stock Down 1.1%

Shares of BBY stock traded down $0.80 on Monday, reaching $71.00. 4,042,441 shares of the company's stock traded hands, compared to its average volume of 3,343,772. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The company has a market capitalization of $15.00 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The business's 50 day moving average price is $70.39 and its two-hundred day moving average price is $75.02.

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 (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The company's revenue was down .9% compared to the same quarter last year. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.35%. Best Buy's dividend payout ratio (DPR) is currently 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.