Mn Services Vermogensbeheer B.V. Has $5.19 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Mn Services Vermogensbeheer B.V. lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,525 shares of the technology retailer's stock after selling 5,400 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Best Buy were worth $5,191,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of BBY. Rakuten Securities Inc. grew its stake in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the fourth quarter worth approximately $31,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after buying an additional 243 shares during the last quarter. Ancora Advisors LLC increased its holdings in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after buying an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Best Buy during the 4th quarter valued at $34,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Down 2.4%

Shares of BBY traded down $1.63 during mid-day trading on Wednesday, hitting $67.76. 2,798,197 shares of the company's stock were exchanged, compared to its average volume of 3,334,638. The stock has a market cap of $14.32 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 1.88 and a beta of 1.25. The firm has a fifty day moving average of $68.23 and a two-hundred day moving average of $77.34. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm's revenue was down .9% compared to the same quarter last year. During the same period last year, the business earned $1.20 EPS. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio is currently 92.91%.

Analysts Set New Price Targets

BBY has been the topic of a number of recent analyst reports. Bank of America cut their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Piper Sandler decreased their target price on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Wedbush dropped their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, Morgan Stanley lowered their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Best Buy has an average rating of "Hold" and an average price target of $86.11.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 804,374 shares of company stock worth $58,735,581. 0.59% of the stock is owned by insiders.

Best Buy 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.