Best Buy Co., Inc. $BBY Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 94.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,041 shares of the technology retailer’s stock after selling 254,056 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Best Buy were worth $1,030,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after buying an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new position in Best Buy during the fourth quarter worth about $174,685,000. Schroder Investment Management Group boosted its stake in Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after buying an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV grew its holdings in Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after buying an additional 785,294 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the 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 completion of the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $77.81 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $16.40 billion, a PE ratio of 14.41, a P/E/G ratio of 2.06 and a beta of 1.30. The company’s fifty day simple moving average is $67.90 and its 200-day simple moving average is $66.73. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $8.82 billion. During the same period in the prior year, the firm earned $1.15 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analyst Ratings Changes

A number of research analysts have recently commented on BBY shares. Truist Financial upped their price objective on shares of Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday, May 29th. The Goldman Sachs Group boosted their target price on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a report on Friday, May 29th. UBS Group reaffirmed a “neutral” rating and set a $86.00 price target (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Finally, Morgan Stanley boosted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.50.

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.