Handelsbanken Fonder AB Sells 3,272 Shares of Best Buy Co., Inc. (NYSE:BBY)

Handelsbanken Fonder AB lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 8.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,919 shares of the technology retailer’s stock after selling 3,272 shares during the quarter. Handelsbanken Fonder AB’s holdings in Best Buy were worth $2,570,000 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. Rakuten Securities Inc. grew its holdings in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in Best Buy in the 4th quarter valued at about $31,000. Atlas Capital Advisors Inc. grew its stake in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC grew its position in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after buying an additional 374 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $34,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now owns 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 9,482 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $688,867.30. Following the transaction, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at $7,763,088.40. This trade represents a 8.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 804,374 shares of company stock valued at $58,735,581. 0.47% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Tuesday. Evercore ISI dropped their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Truist Financial lifted their target price on shares of Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a research note on Friday, May 30th. Finally, Piper Sandler dropped their price target on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $86.11.

Best Buy Price Performance

Shares of NYSE:BBY opened at $69.57 on Friday. The business has a 50-day simple moving average of $67.81 and a two-hundred day simple moving average of $77.67. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s dividend payout ratio is presently 92.91%.

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.