Van ECK Associates Corp Sells 39,255 Shares of Best Buy Co., Inc. $BBY

Key Points

• Van ECK Associates reduced its Best Buy stake by 35.2%, selling 39,255 shares during the second quarter and retaining 72,216 shares valued at approximately $5.48 million.
• Best Buy reported quarterly results above expectations, with EPS of $1.47 versus the $1.39 consensus and revenue of $9.78 billion, up 3.6% year over year.
• The company declared a quarterly dividend of $0.96 per share, equal to an annualized $3.84 and a 4.4% yield; analysts maintain a consensus “Hold” rating with an $85.40 target price.

Van ECK Associates Corp trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,216 shares of the technology retailer's stock after selling 39,255 shares during the quarter. Van ECK Associates Corp's holdings in Best Buy were worth $5,480,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BBY. MV Capital Management Inc. bought a new stake in shares of Best Buy in the 4th quarter valued at $25,000. Palisade Asset Management LLC acquired a new stake in Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy in the fourth quarter valued at approximately $29,000. Atlas Capital Advisors Inc. bought a new position in Best Buy in the fourth quarter valued at approximately $32,000. Finally, Bayban acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Up 5.3%

Shares of NYSE:BBY opened at $87.02 on Thursday. The company's 50-day moving average price is $83.58 and its two-hundred day moving average price is $71.72. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26. The stock has a market capitalization of $18.34 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 2.06 and a beta of 1.28.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share 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 analysts' expectations of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.Best Buy's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. Best Buy's payout ratio is 63.89%.

Insider Activity

In other news, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 500,000 shares of company stock worth $39,065,226. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BBY. Truist Financial set a $100.00 price objective on shares of Best Buy in a research report on Thursday, August 27th. JPMorgan Chase & Co. upped their price objective on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Morgan Stanley increased their price objective on Best Buy from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Friday, August 28th. Wells Fargo & Company lifted their target price on Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 11th. Finally, Wedbush restated a "buy" rating on shares of Best Buy in a research note on Monday, August 24th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus target price of $85.40.

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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