DnB Asset Management AS Increases Holdings in Best Buy Co., Inc. (NYSE:BBY)

DnB Asset Management AS increased its position in Best Buy Co., Inc. (NYSE:BBYGet Rating) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,487 shares of the technology retailer’s stock after buying an additional 2,463 shares during the quarter. DnB Asset Management AS’s holdings in Best Buy were worth $5,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Norinchukin Bank The boosted its stake in shares of Best Buy by 5.4% in the 1st quarter. Norinchukin Bank The now owns 20,169 shares of the technology retailer’s stock valued at $1,833,000 after purchasing an additional 1,030 shares in the last quarter. IFM Investors Pty Ltd boosted its position in Best Buy by 17.4% during the first quarter. IFM Investors Pty Ltd now owns 35,466 shares of the technology retailer’s stock valued at $3,224,000 after buying an additional 5,249 shares during the period. State Street Corp grew its stake in shares of Best Buy by 2.8% during the fourth quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after buying an additional 282,542 shares during the last quarter. Independent Advisor Alliance purchased a new position in shares of Best Buy in the first quarter worth about $275,000. Finally, Avidian Wealth Solutions LLC lifted its stake in shares of Best Buy by 28.4% in the 1st quarter. Avidian Wealth Solutions LLC now owns 3,818 shares of the technology retailer’s stock valued at $347,000 after acquiring an additional 844 shares during the last quarter. 79.86% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 890 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total value of $70,390.10. Following the sale, the chief financial officer now directly owns 59,513 shares of the company’s stock, valued at approximately $4,706,883.17. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Matthew M. Bilunas sold 890 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the transaction, the chief financial officer now directly owns 59,513 shares in the company, valued at $4,706,883.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the completion of the transaction, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,254 shares of company stock worth $174,545. 0.44% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Piper Sandler decreased their price target on Best Buy from $91.00 to $84.00 and set an “overweight” rating on the stock in a research note on Monday, August 8th. DA Davidson lowered their price target on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, August 31st. Telsey Advisory Group dropped their price target on shares of Best Buy from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Guggenheim lowered their price objective on shares of Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Finally, Citigroup raised their target price on Best Buy from $59.00 to $61.00 and gave the stock a “sell” rating in a research note on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $86.13.

Best Buy Stock Up 0.3 %

Shares of NYSE:BBY opened at $72.63 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96. Best Buy Co., Inc. has a 52-week low of $64.29 and a 52-week high of $141.97. The firm has a market capitalization of $16.35 billion, a P/E ratio of 9.74, a P/E/G ratio of 0.66 and a beta of 1.50. The stock has a 50 day moving average price of $75.70 and a 200-day moving average price of $82.52.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings data on Tuesday, August 30th. The technology retailer reported $1.54 EPS for the quarter, beating the consensus estimate of $1.27 by $0.27. The business had revenue of $10.33 billion during the quarter, compared to analyst estimates of $10.25 billion. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.98 earnings per share. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.17 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.85%. The ex-dividend date is Monday, September 19th. Best Buy’s payout ratio is currently 47.18%.

About Best Buy

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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