Nykredit A S Purchases New Holdings in Best Buy Co., Inc. $BBY

Key Points

• Nykredit A S acquired 58,117 Best Buy shares in the second quarter, valued at approximately $4.41 million. Institutional investors and hedge funds collectively own 80.96% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $85.40; targets range from $80 to $95.
• Best Buy exceeded quarterly expectations, reporting $1.47 in EPS and $9.78 billion in revenue, while declaring a quarterly dividend of $0.96 per share, equivalent to a 4.3% annual yield.

Nykredit A S acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 58,117 shares of the technology retailer's stock, valued at approximately $4,410,000.

Other hedge funds have also bought and sold shares of the company. Palisade Asset Management LLC acquired a new stake in Best Buy during the 3rd quarter valued at $25,000. MV Capital Management Inc. bought a new stake in Best Buy in the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $29,000. Atlas Capital Advisors Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Best Buy during the second quarter worth about $33,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BBY. Telsey Advisory Group raised their target price on Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Bank of America assumed coverage on Best Buy in a research report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 price target on the stock. Loop Capital lowered shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. upped their target price on Best Buy from $76.00 to $84.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $85.40.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the firm's stock in a transaction 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 completion of the sale, the chairman directly owned 10,430,936 shares of the company's stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 500,000 shares of company stock worth $39,065,226 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Stock Up 0.1%

Best Buy stock opened at $90.35 on Monday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The firm's 50-day simple moving average is $84.03 and its 200 day simple moving average is $72.04. The stock has a market cap of $19.04 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.25 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.Best Buy's quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Thursday, September 17th. Best Buy's payout ratio is presently 63.89%.

Best Buy 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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