Lansforsakringar Fondforvaltning AB publ Sells 26,898 Shares of Best Buy Co., Inc. $BBY

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its ownership in Best Buy Co., Inc. by 13.0%, selling 26,898 shares and now holds 180,587 shares valued at approximately $13.3 million.
• Best Buy reported a quarterly earnings per share of $1.28, exceeding analysts' expectations, with revenue of $9.44 billion, marking a year-over-year increase of 1.6%.
• The company declared a quarterly dividend of $0.95, yielding 5.2%, with the ex-dividend date set for September 18th.

Lansforsakringar Fondforvaltning AB publ lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,587 shares of the technology retailer's stock after selling 26,898 shares during the period. Lansforsakringar Fondforvaltning AB publ owned 0.09% of Best Buy worth $13,293,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after acquiring an additional 13,378 shares in the last quarter. GAMMA Investing LLC raised its stake in Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after acquiring an additional 170,050 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Best Buy by 10.2% in the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock valued at $36,972,000 after purchasing an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. bought a new position in Best Buy in the 1st quarter valued at approximately $1,574,000. Finally, Alberta Investment Management Corp increased its holdings in shares of Best Buy by 25.6% during the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

BBY has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on Best Buy from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Friday. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 target price (down from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Wells Fargo & Company raised their price target on shares of Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a report on Friday. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday. Finally, Barclays reiterated an "equal weight" rating and issued a $74.00 target price on shares of Best Buy in a report on Friday. Ten research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $84.44.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 completion of the sale, the chairman 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 SEC, which can be accessed through this hyperlink. Insiders own 0.59% of the company's stock.

Best Buy Stock Performance

BBY stock traded up $0.75 during midday trading on Tuesday, hitting $74.39. The company's stock had a trading volume of 4,837,632 shares, compared to its average volume of 3,675,677. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.95 and a beta of 1.19. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average price is $69.97 and its 200 day moving average price is $71.11. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th will be paid a $0.95 dividend. The ex-dividend date is Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.1%. Best Buy's payout ratio is presently 104.97%.

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.