SEB Asset Management AB Purchases Shares of 116,925 Best Buy Co., Inc. $BBY

Key Points

• SEB Asset Management AB bought 116,925 shares of Best Buy in the first quarter, a position worth about $7.5 million and representing 0.06% of the company.
• Wall Street remains cautious on BBY: analysts currently have a consensus Hold rating with an average price target of $79.50, even after several firms raised their targets.
• Best Buy posted better-than-expected quarterly results, with EPS of $1.28 and revenue of $8.94 billion, while also paying a quarterly dividend of $0.96 per share for a 4.5% annualized yield.

SEB Asset Management AB purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 116,925 shares of the technology retailer's stock, valued at approximately $7,507,000. SEB Asset Management AB owned 0.06% of Best Buy as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in BBY. Torren Management LLC acquired a new stake in Best Buy in the 4th quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new position in Best Buy during the fourth quarter worth $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy during the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after buying an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on BBY. Morgan Stanley boosted their price objective on Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, May 29th. Truist Financial raised their target price on Best Buy from $66.00 to $81.00 and gave the company a "hold" rating in a report on Friday, May 29th. JPMorgan Chase & Co. lifted 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. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Monday, June 22nd. Finally, The Goldman Sachs Group increased their price target on shares of Best Buy from $59.00 to $62.00 and gave the stock a "sell" rating in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $79.50.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. Corporate insiders own 0.50% of the company's stock.

Best Buy Stock Up 0.1%

Shares of NYSE BBY opened at $85.20 on Wednesday. The stock has a market cap of $17.96 billion, a P/E ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.30. The business's fifty day simple moving average is $73.82 and its 200-day simple moving average is $67.82. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $87.35. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy's payout ratio is currently 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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