Securian Asset Management Inc Sells 721 Shares of Best Buy Co., Inc. (NYSE:BBY)

Securian Asset Management Inc lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 19,054 shares of the technology retailer’s stock after selling 721 shares during the period. Securian Asset Management Inc’s holdings in Best Buy were worth $2,191,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of BBY. Natixis Advisors L.P. grew its holdings in Best Buy by 10.9% during the first quarter. Natixis Advisors L.P. now owns 102,347 shares of the technology retailer’s stock worth $11,750,000 after purchasing an additional 10,088 shares during the period. IFM Investors Pty Ltd grew its holdings in Best Buy by 15.7% during the first quarter. IFM Investors Pty Ltd now owns 26,187 shares of the technology retailer’s stock worth $3,007,000 after purchasing an additional 3,557 shares during the period. Cullen Frost Bankers Inc. grew its holdings in Best Buy by 14.0% during the first quarter. Cullen Frost Bankers Inc. now owns 33,661 shares of the technology retailer’s stock worth $3,865,000 after purchasing an additional 4,140 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Best Buy by 11.8% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 77,355 shares of the technology retailer’s stock worth $8,881,000 after acquiring an additional 8,152 shares during the last quarter. Finally, Todd Asset Management LLC lifted its position in Best Buy by 8.5% during the first quarter. Todd Asset Management LLC now owns 454,976 shares of the technology retailer’s stock worth $52,235,000 after acquiring an additional 35,681 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company’s stock.

Several brokerages have issued reports on BBY. Raymond James raised their price objective on shares of Best Buy from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, May 28th. Telsey Advisory Group raised their price objective on shares of Best Buy from $140.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 25th. Jefferies Financial Group raised their price objective on shares of Best Buy from $136.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Piper Sandler raised their price objective on shares of Best Buy from $140.00 to $144.00 and gave the stock an “overweight” rating in a research report on Friday, May 28th. Finally, Barclays lifted their price target on shares of Best Buy from $121.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, May 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $127.44.

Shares of BBY opened at $110.17 on Wednesday. Best Buy Co., Inc. has a one year low of $95.93 and a one year high of $128.57. The company has a market cap of $27.10 billion, a P/E ratio of 11.24, a P/E/G ratio of 1.35 and a beta of 1.52. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.16 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $113.33 and a two-hundred day simple moving average of $114.52.

Best Buy (NYSE:BBY) last posted its earnings results on Monday, August 23rd. The technology retailer reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $1.09. The firm had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.54 billion. Best Buy had a net margin of 4.85% and a return on equity of 64.85%. The company’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.71 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post 9.95 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 5th. Shareholders of record on Tuesday, September 14th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, September 13th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.54%. Best Buy’s payout ratio is presently 35.40%.

In related news, CFO Matthew M. Bilunas sold 819 shares of the business’s stock in a transaction on Monday, August 23rd. The shares were sold at an average price of $113.16, for a total value of $92,678.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert L. Bass sold 4,697 shares of the business’s stock in a transaction on Tuesday, July 27th. The stock was sold at an average price of $114.37, for a total transaction of $537,195.89. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.

About Best Buy

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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

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