Best Buy Co., Inc. $BBY Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 44.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,372 shares of the technology retailer’s stock after selling 41,056 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in Best Buy were worth $3,298,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of BBY. Woodline Partners LP boosted its holdings in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after buying an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC increased its stake in Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Best Buy by 32.0% in 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 during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. Company insiders own 0.50% of the company’s stock.

Best Buy Trading Down 0.8%

NYSE:BBY opened at $78.09 on Thursday. The company has a market capitalization of $16.46 billion, a P/E ratio of 14.46, a P/E/G ratio of 2.09 and a beta of 1.30. The stock’s 50 day moving average price is $69.26 and its 200 day moving average price is $66.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. 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 posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be issued a $0.96 dividend. 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 4.9%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BBY shares. Truist Financial increased their target price on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday, May 29th. Morgan Stanley increased their price objective on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. 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. Wall Street Zen lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Finally, Loop Capital decreased their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Company 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.