Van ECK Associates Corp Has $5.48 Million Stock Position in Best Buy Co., Inc. $BBY

Van ECK Associates Corp lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 35.2% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 72,216 shares of the technology retailer’s stock after selling 39,255 shares during the period. Van ECK Associates Corp’s holdings in Best Buy were worth $5,480,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BBY. BlackRock Inc. bought a new stake in Best Buy in the second quarter valued at approximately $1,932,812,000. 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 worth $525,120,000 after acquiring an additional 3,496,254 shares during the period. Norges Bank bought a new position in shares of Best Buy during the 4th quarter worth approximately $174,685,000. Schroder Investment Management Group increased its holdings in shares of Best Buy by 378.8% during the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Best Buy in the 2nd quarter valued at $174,893,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $87.02 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The stock’s fifty day moving average price is $83.58 and its two-hundred day moving average price is $71.72. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $91.26. The firm has a market cap of $18.34 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 2.06 and a beta of 1.28.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The firm had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter last year, the business earned $1.28 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is currently 63.89%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 500,000 shares of company stock valued at $39,065,226. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on BBY shares. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a report on Monday, July 13th. Truist Financial set a $100.00 price objective on shares of Best Buy in a research report on Thursday, August 27th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Barclays lifted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Finally, Wedbush reiterated a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.40.

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.