Commerzbank Aktiengesellschaft FI Purchases Shares of 6,247 Best Buy Co., Inc. (NYSE:BBY)

Commerzbank Aktiengesellschaft FI acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,247 shares of the technology retailer’s stock, valued at approximately $460,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stevens Capital Management LP raised its holdings in Best Buy by 228.7% in the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares during the period. Invesco Ltd. lifted its stake in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after buying an additional 629,180 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. APG Asset Management N.V. purchased a new stake in shares of Best Buy during the fourth quarter worth approximately $9,073,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer’s stock worth $14,560,000 after acquiring an additional 13,378 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Price Performance

Shares of BBY opened at $67.51 on Friday. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The business has a 50-day simple moving average of $70.41 and a two-hundred day simple moving average of $74.55. The stock has a market cap of $14.27 billion, a PE ratio of 16.51, a PEG ratio of 1.79 and a beta of 1.24.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.63%. Best Buy’s payout ratio is 92.91%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Piper Sandler reaffirmed a “neutral” rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Guggenheim restated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Tuesday, June 10th. Citigroup reaffirmed a “neutral” rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Truist Financial upped their price target on Best Buy from $64.00 to $69.00 and gave the stock a “hold” rating in a research note on Friday, May 30th. Finally, Wells Fargo & Company dropped their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating for the company in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.72.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone 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 products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.