Nordea Investment Management AB Reduces Stake in Best Buy Co., Inc. $BBY

Nordea Investment Management AB cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 534,648 shares of the technology retailer’s stock after selling 28,731 shares during the period. Nordea Investment Management AB owned 0.26% of Best Buy worth $35,904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. Vanguard Group Inc. increased its position in Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the period. State Street Corp raised its holdings in Best Buy by 3.8% in the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after purchasing an additional 496,215 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock worth $472,495,000 after purchasing an additional 69,533 shares during the period. AQR Capital Management LLC boosted its stake in shares of Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Best Buy by 15.8% during the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after purchasing an additional 621,863 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 1.9%

Best Buy stock opened at $63.98 on Tuesday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $84.99. The company has a market capitalization of $13.38 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46. The business’s fifty day simple moving average is $65.42 and its two-hundred day simple moving average is $71.93. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the company earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. The ex-dividend date is Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a yield of 6.0%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Loop Capital increased their price target on shares of Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. The Goldman Sachs Group cut their price objective on Best Buy from $93.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. UBS Group increased their target price on Best Buy from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, November 26th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Finally, Morgan Stanley dropped their price target on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.20.

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.