Forsta AP Fonden Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Forsta AP Fonden raised its stake in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 6.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 130,500 shares of the technology retailer’s stock after buying an additional 7,900 shares during the period. Forsta AP Fonden owned about 0.06% of Best Buy worth $11,862,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. State Street Corp increased its stake in shares of Best Buy by 2.8% in the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after purchasing an additional 282,542 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,484,436 shares of the technology retailer’s stock valued at $354,019,000 after purchasing an additional 150,628 shares in the last quarter. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter valued at about $251,898,000. First Trust Advisors LP increased its stake in shares of Best Buy by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,939,489 shares of the technology retailer’s stock valued at $197,052,000 after purchasing an additional 526,208 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Best Buy by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,691,744 shares of the technology retailer’s stock valued at $171,880,000 after purchasing an additional 335,265 shares in the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.

Best Buy Stock Up 0.1 %

Best Buy stock opened at $76.38 on Friday. Best Buy Co., Inc. has a twelve month low of $64.29 and a twelve month high of $141.97. The stock’s fifty day simple moving average is $73.60 and its 200-day simple moving average is $87.09. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $17.20 billion, a P/E ratio of 8.48, a P/E/G ratio of 0.62 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last posted its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.02). The company had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The firm’s revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.23 EPS. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.9 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th were paid a $0.88 dividend. The ex-dividend date was Monday, June 13th. This represents a $3.52 annualized dividend and a yield of 4.61%. Best Buy’s dividend payout ratio is presently 39.07%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wedbush cut their price objective on Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Truist Financial cut their price objective on Best Buy from $83.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Barclays lowered Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price objective for the company. in a research note on Wednesday, May 25th. TheStreet cut Best Buy from a “b-” rating to a “c+” rating in a report on Tuesday, July 5th. Finally, Wells Fargo & Company lowered their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $87.69.

Insider Buying and Selling at Best Buy

In other news, insider Allison Peterson sold 1,646 shares of the stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total transaction of $132,799.28. Following the completion of the sale, the insider now owns 39,030 shares in the company, valued at $3,148,940.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Best Buy news, Chairman Richard M. Schulze bought 250,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was acquired at an average price of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the purchase, the chairman now owns 20,464,051 shares of the company’s stock, valued at $1,628,938,459.60. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total transaction of $132,799.28. Following the completion of the sale, the insider now owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The disclosure for this sale can be found here. Insiders sold 63,011 shares of company stock worth $5,036,334 over the last 90 days. Corporate insiders own 0.44% of the company’s stock.

About Best Buy

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also

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

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