Nykredit A S Makes New $4.20 Million Investment in Best Buy Co., Inc. $BBY

Key Points

• Nykredit A/S purchased 55,298 Best Buy shares during the second quarter, valued at approximately $4.2 million. Institutional investors collectively own about 80.96% of the company.
• Best Buy reported stronger-than-expected quarterly results, with adjusted EPS of $1.47 and revenue of $9.78 billion, up 3.6% year over year. Analysts maintain an average “Hold” rating and an average price target of $85.40.
• Best Buy declared a quarterly dividend of $0.96 per share, equivalent to an annualized $3.84 payout and a 4.0% yield. Meanwhile, insiders have sold more than 718,000 shares worth approximately $60.5 million over the past 90 days.

Nykredit A S purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 55,298 shares of the technology retailer's stock, valued at approximately $4,196,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Best Buy during the second quarter worth about $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in shares of Best Buy in the second quarter worth $174,893,000. Norges Bank acquired a new stake in shares of Best Buy in the fourth quarter worth $174,685,000. Hsbc Holdings PLC raised its stake in shares of Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after acquiring an additional 1,030,544 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Best Buy during the 2nd quarter valued at $116,003,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 718,601 shares of company stock worth $60,451,555. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research reports. Wall Street Zen raised Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a report on Friday, August 28th. Telsey Advisory Group boosted their price target on Best Buy from $90.00 to $95.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Citigroup upped their price target on Best Buy from $79.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. Finally, Wedbush reaffirmed a "buy" rating on shares of Best Buy in a research report on Monday, August 24th. Six equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average target price of $85.40.

Best Buy Trading Up 1.8%

Best Buy stock opened at $94.94 on Wednesday. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $87.09 and a two-hundred day moving average price of $74.38. The firm has a market capitalization of $19.91 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.33 and a beta of 1.28. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $95.85.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. During the same quarter last year, the business earned $1.28 earnings per share. Best Buy's revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.0%. Best Buy's dividend payout ratio is presently 63.89%.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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