Best Buy Co., Inc. $BBY Position Lessened by Allianz Asset Management GmbH

Allianz Asset Management GmbH decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 13.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,414,150 shares of the technology retailer’s stock after selling 225,052 shares during the period. Allianz Asset Management GmbH’s holdings in Best Buy were worth $94,649,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Best Buy by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock worth $1,810,904,000 after purchasing an additional 552,360 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after acquiring an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in Best Buy during the 4th quarter valued at $1,741,000. Waratah Capital Advisors Ltd. bought a new stake in Best Buy during the 3rd quarter valued at $3,032,000. Finally, Trust Investment Advisors bought a new stake in Best Buy during the 3rd quarter valued at $1,939,000. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Wedbush lifted their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. lifted their target price on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Weiss Ratings downgraded Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Telsey Advisory Group set a $90.00 target price on Best Buy and gave the company an “outperform” rating in a research note on Friday, May 29th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $79.05.

Best Buy Stock Performance

Shares of NYSE BBY opened at $75.79 on Thursday. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 2.00 and a beta of 1.30. The stock’s fifty day simple moving average is $63.97 and its 200 day simple moving average is $66.68. 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 issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date is Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

Insiders Place Their Bets

In other news, EVP Kathleen Scarlett sold 8,049 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Corie S. Barry sold 42,869 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the sale, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 579,381 shares of company stock worth $43,163,654. Corporate insiders own 0.47% of the company’s stock.

About Best Buy

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.