Swedbank AB Cuts Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Swedbank AB has reduced its stake in Best Buy Co., Inc. by 30.1%, now holding approximately 0.16% of the company, valued at $23.16 million.
• Best Buy has received varied analyst ratings, with nine analysts rating it as a Buy and an average price target set at $82.59.
• The company recently announced a quarterly dividend of $0.95 per share, representing a dividend yield of 5.3%, with a payout ratio of 104.97%.

Swedbank AB lessened its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 30.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 345,044 shares of the technology retailer's stock after selling 148,298 shares during the quarter. Swedbank AB owned approximately 0.16% of Best Buy worth $23,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Best Buy by 11.2% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,672 shares of the technology retailer's stock worth $2,865,000 after acquiring an additional 4,285 shares in the last quarter. Jackson Square Capital LLC purchased a new stake in Best Buy in the 2nd quarter worth $385,000. Procyon Advisors LLC boosted its stake in Best Buy by 151.0% during the 2nd quarter. Procyon Advisors LLC now owns 14,064 shares of the technology retailer's stock worth $944,000 after purchasing an additional 8,460 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in Best Buy by 34.0% during the 2nd quarter. Pallas Capital Advisors LLC now owns 9,114 shares of the technology retailer's stock worth $612,000 after purchasing an additional 2,310 shares during the last quarter. Finally, Czech National Bank boosted its stake in Best Buy by 5.4% during the 2nd quarter. Czech National Bank now owns 47,086 shares of the technology retailer's stock worth $3,161,000 after purchasing an additional 2,410 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of several recent research reports. Wall Street Zen raised shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Bank of America lowered their target price on shares of Best Buy from $63.00 to $60.00 and set an "underperform" rating on the stock in a research note on Friday, August 29th. Loop Capital lowered their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Evercore ISI lifted their target price on shares of Best Buy from $75.00 to $77.00 and gave the stock an "in-line" rating in a research note on Friday, August 29th. Finally, Guggenheim reaffirmed a "buy" rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $82.59.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock worth $14,941,472 over the last 90 days. Insiders own 0.47% of the company's stock.

Best Buy Stock Down 2.0%

BBY stock opened at $72.23 on Friday. The company's 50 day moving average price is $71.36 and its 200 day moving average price is $70.04. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.48. The firm has a market capitalization of $15.18 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.90 and a beta of 1.19.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. The business's quarterly revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Thursday, September 18th. Best Buy's dividend payout ratio is presently 104.97%.

About Best Buy

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.

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