Meeder Asset Management Inc. Cuts Stock Position in Best Buy Co., Inc. $BBY

Meeder Asset Management Inc. lessened its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 86.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,907 shares of the technology retailer's stock after selling 25,110 shares during the quarter. Meeder Asset Management Inc.'s holdings in Best Buy were worth $251,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in Best Buy by 40.6% in the first quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer's stock valued at $255,000 after acquiring an additional 1,146 shares in the last quarter. KBC Group NV grew its holdings in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer's stock worth $101,745,000 after purchasing an additional 531,998 shares during the last quarter. SEB Asset Management AB acquired a new position in shares of Best Buy during the first quarter worth $7,507,000. Swiss National Bank increased its position in shares of Best Buy by 6.8% during the first quarter. Swiss National Bank now owns 584,300 shares of the technology retailer's stock worth $37,512,000 after purchasing an additional 37,200 shares in the last quarter. Finally, Mediolanum International Funds Ltd lifted its holdings in shares of Best Buy by 178.3% during the 1st quarter. Mediolanum International Funds Ltd now owns 59,162 shares of the technology retailer's stock valued at $3,781,000 after purchasing an additional 37,901 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BBY shares. Guggenheim reissued a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. KeyCorp reiterated 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. DA Davidson restated a "buy" rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, June 22nd. Finally, Jefferies Financial Group upped their price objective 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. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and an average price target of $79.50.

Insider Transactions at Best Buy

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

Best Buy Price Performance

NYSE BBY opened at $85.20 on Wednesday. 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's fifty day moving average price is $73.82 and its 200 day moving average price is $67.82. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $87.35. The company has a market cap of $17.96 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.30.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm's quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 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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