Andra AP fonden Sells 77,300 Shares of Best Buy Co., Inc. $BBY

Andra AP fonden lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 16.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 382,200 shares of the technology retailer’s stock after selling 77,300 shares during the quarter. Andra AP fonden owned 0.18% of Best Buy worth $25,581,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of BBY. Woodline Partners LP grew its holdings in Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after buying an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC grew its holdings in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after buying an additional 76,102 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

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

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent analyst reports. BNP Paribas Exane upped their price objective on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Citigroup upped their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. The Goldman Sachs Group upped their price objective on Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research note on Friday, May 29th. Daiwa Securities Group upped their price objective on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings downgraded Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Six investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $79.05.

Best Buy Stock Up 2.0%

Shares of NYSE BBY opened at $77.17 on Friday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business’s fifty day moving average price is $64.23 and its 200-day moving average price is $66.68. The stock has a market capitalization of $16.26 billion, a PE ratio of 14.29, a P/E/G ratio of 2.01 and a beta of 1.30.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. The business’s revenue for the quarter 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. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 5.0%. Best Buy’s dividend payout ratio is 71.11%.

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.