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Deutsche Bank AG Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Best Buy logo with Retail/Wholesale background

Key Points

  • Deutsche Bank AG has reduced its stake in Best Buy Co., Inc. by 10.4%, selling 133,090 shares and now holds approximately 0.54% of the company, valued at $84.6 million.
  • Best Buy reported a net margin of 2.13% and earnings per share of $1.15 for the last quarter, exceeding estimates but showing a decline in revenue by 0.9% year-over-year.
  • The company's recent quarterly dividend was $0.95, giving it an annualized yield of 5.5% and a high dividend payout ratio of 92.91%.
  • Want stock alerts on Best Buy? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Deutsche Bank AG decreased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,149,560 shares of the technology retailer's stock after selling 133,090 shares during the quarter. Deutsche Bank AG owned 0.54% of Best Buy worth $84,619,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Pacer Advisors Inc. increased its stake in Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after buying an additional 998,021 shares during the last quarter. Northern Trust Corp increased its stake in 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 buying an additional 701,287 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in 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 buying an additional 511,161 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after purchasing an additional 408,605 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $29,090,000. Institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BBY. UBS Group decreased their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Guggenheim restated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research note on Tuesday, June 10th. Wedbush decreased their price target on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Wells Fargo & Company decreased their price target on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a research note on Friday, May 30th. Finally, Loop Capital decreased their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company 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 issued a buy rating to the company's stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $85.72.

Read Our Latest Stock Analysis on BBY

Insider Activity

In related news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction on 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 transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.47% of the company's stock.

Best Buy Price Performance

Shares of NYSE BBY traded down $0.88 during mid-day trading on Thursday, reaching $71.85. 2,088,504 shares of the company were exchanged, compared to its average volume of 3,617,809. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $15.19 billion, a PE ratio of 17.57, a PEG ratio of 1.86 and a beta of 1.21. The company's 50 day moving average price is $69.23 and its 200 day moving average price is $72.51.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data 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 period in the previous year, the firm posted $1.20 EPS. The firm's revenue was down .9% compared to the same quarter last year. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Best Buy Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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