Assenagon Asset Management S.A. Buys 255,349 Shares of Best Buy Co., Inc. $BBY

Assenagon Asset Management S.A. grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1,731.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 270,097 shares of the technology retailer’s stock after purchasing an additional 255,349 shares during the period. Assenagon Asset Management S.A.’s holdings in Best Buy were worth $18,078,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in BBY. True Wealth Design LLC boosted its holdings in Best Buy by 16.4% in the fourth quarter. True Wealth Design LLC now owns 2,048 shares of the technology retailer’s stock worth $137,000 after acquiring an additional 289 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in Best Buy by 37.4% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 29,281 shares of the technology retailer’s stock valued at $2,051,000 after acquiring an additional 7,963 shares during the period. Procyon Advisors LLC increased its holdings in shares of Best Buy by 20.9% during the fourth quarter. Procyon Advisors LLC now owns 25,760 shares of the technology retailer’s stock valued at $1,724,000 after acquiring an additional 4,445 shares in the last quarter. Cyndeo Wealth Partners LLC increased its holdings in shares of Best Buy by 5.4% during the fourth quarter. Cyndeo Wealth Partners LLC now owns 102,346 shares of the technology retailer’s stock valued at $6,850,000 after acquiring an additional 5,212 shares in the last quarter. Finally, Sagespring Wealth Partners LLC raised its position in shares of Best Buy by 1.5% during the fourth quarter. Sagespring Wealth Partners LLC now owns 12,363 shares of the technology retailer’s stock worth $827,000 after purchasing an additional 177 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Dividend support: Best Buy’s long record of payouts (22 consecutive years of raises) and a ~6.1% yield are drawing income-focused buyers, reinforcing demand for the shares even as sales growth is soft. Read More.
• Neutral Sentiment: Takeover rumors: Media and traders credited a sudden rally to speculation GameStop might be preparing an acquisition of Best Buy; this appears to be rumor-driven with little public evidence and could be temporary. Read More.
• Neutral Sentiment: Analyst clarification: The analyst whose note sparked the chatter says he did not intend to imply a GameStop takeover — underscoring that the move lacks confirmed strategic rationale and increasing the chance the bump is short-lived. Read More.
• Negative Sentiment: Insider selling: Several senior executives sold shares on March 23 (including CEO Corie Barry, CFO Matthew Bilunas, CAO Mathew Watson and other EVPs), collectively trimming individual holdings by roughly 7–13%. Large, clustered insider sales can be read as profit-taking and may weigh on sentiment. Example SEC filing for the CEO sale: Read More.
• Negative Sentiment: Operational caution: Recent quarter showed modest revenue decline y/y and management set FY27 EPS guidance of $6.30–$6.60 — decent earnings but revenue softness and mixed analyst targets leave upside limited absent a clear catalyst. Read More.

Best Buy Stock Performance

BBY stock opened at $63.18 on Friday. The firm has a market cap of $13.21 billion, a PE ratio of 12.54, a P/E/G ratio of 1.49 and a beta of 1.46. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average of $65.09 and a 200-day moving average of $71.69. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $84.99.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. During the same period last year, the company posted $2.58 earnings per share. Best Buy’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is presently 76.19%.

Insider Buying and Selling

In related news, EVP Jason J. Bonfig sold 6,336 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares of the company’s stock, valued at approximately $5,066,350.74. The trade was a 7.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the transaction, the executive vice president owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. The trade was a 7.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 77,247 shares of company stock worth $4,945,353 in the last ninety days. Corporate insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wedbush cut their target price on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Jefferies Financial Group lowered their price objective on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Morgan Stanley reduced their price objective on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Finally, Citigroup boosted their target price on shares of Best Buy from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $76.20.

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.