Assenagon Asset Management S.A. Reduces Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Assenagon Asset Management S.A. decreased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 90.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,954 shares of the technology retailer's stock after selling 122,892 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Best Buy were worth $1,063,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Rise Advisors LLC boosted its holdings in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer's stock worth $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC boosted its holdings in Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer's stock valued at $422,000 after acquiring an additional 134 shares during the period. Hartford Financial Management Inc. boosted its holdings in Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer's stock valued at $30,000 after acquiring an additional 140 shares during the period. UMB Bank n.a. boosted its holdings in Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer's stock valued at $301,000 after acquiring an additional 148 shares during the period. Finally, Avory & Company LLC boosted its holdings in Best Buy by 2.6% during the 4th quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer's stock valued at $471,000 after acquiring an additional 154 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of research analyst reports. TheStreet raised Best Buy from a "c" rating to a "b-" rating in a research report on Thursday, February 29th. Truist Financial boosted their price target on Best Buy from $68.00 to $87.00 and gave the stock a "hold" rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their price target on Best Buy from $81.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. Finally, Wedbush boosted their price target on Best Buy from $75.00 to $85.00 and gave the stock a "neutral" rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $84.00.

Insider Buying and Selling

In related news, CEO Corie S. Barry sold 366 shares of the company's stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares of the company's stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares of the company's stock, valued at $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares of the company's stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. 0.59% of the stock is owned by company insiders.

Best Buy Stock Performance

Best Buy stock traded down $1.24 during trading hours on Tuesday, hitting $72.67. 2,451,111 shares of the stock traded hands, compared to its average volume of 2,830,906. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The firm's 50 day moving average price is $76.96 and its 200-day moving average price is $74.81. The stock has a market capitalization of $15.72 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.91 and a beta of 1.50. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the prior year, the business earned $2.61 earnings per share. The company's revenue was down .6% compared to the same quarter last year. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a $0.94 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 5.17%. Best Buy's dividend payout ratio is presently 66.08%.

Best Buy Company Profile

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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