Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 35,450 Shares of Best Buy Co., Inc. $BBY

Key Points

• Fjarde AP Fonden increased its Best Buy stake by 74.6% in the first quarter, buying 35,450 more shares and bringing its total holdings to 82,972 shares worth about $5.33 million.
• Best Buy reported better-than-expected quarterly results, posting EPS of $1.28 versus estimates of $1.23 and revenue of $8.94 billion, while also lifting its FY2027 EPS guidance to 6.30-6.60.
• The company declared a quarterly dividend of $0.96 per share and has seen mixed Wall Street sentiment, with analysts’ average rating at Hold and an average price target of $79.50.

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 74.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,972 shares of the technology retailer's stock after purchasing an additional 35,450 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Best Buy were worth $5,327,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Palisade Asset Management LLC bought a new position in Best Buy in the 3rd quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy in the 4th quarter worth approximately $25,000. Torren Management LLC purchased a new position in Best Buy in the fourth quarter worth $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy during the 4th quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its stake in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after acquiring an additional 311 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on 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 directly 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares of the company's stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company's stock.

Best Buy Stock Performance

NYSE:BBY opened at $77.81 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The firm has a market cap of $16.40 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. The business has a 50 day moving average price of $68.18 and a 200-day moving average price of $66.77.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 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 company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the business posted $1.15 EPS. The firm's revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy's payout ratio is currently 71.11%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BBY. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the company an "outperform" rating in a research note on Friday, May 29th. The Goldman Sachs Group raised their price target on Best Buy from $59.00 to $62.00 and gave the stock a "sell" rating in a report on Friday, May 29th. Wells Fargo & Company increased their price objective on Best Buy from $60.00 to $65.00 and gave the stock an "equal weight" rating in a report on Thursday, May 28th. Jefferies Financial Group raised their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a "buy" rating in a report on Thursday, May 28th. Finally, BNP Paribas Exane upped their price objective on shares of Best Buy from $74.00 to $76.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $79.50.

About Best Buy

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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