Commerzbank Aktiengesellschaft FI Purchases New Stake in Best Buy Co., Inc. $BBY

Commerzbank Aktiengesellschaft FI purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 7,877 shares of the technology retailer’s stock, valued at approximately $598,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Torren Management LLC acquired a new stake in shares of Best Buy during the 4th quarter worth $25,000. MV Capital Management Inc. bought a new stake in shares of Best Buy during the 4th quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the third quarter worth $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy in the 4th quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $87.33 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The stock has a market capitalization of $18.41 billion, a PE ratio of 16.17, a P/E/G ratio of 2.49 and a beta of 1.29. The company’s 50 day simple moving average is $81.57 and its two-hundred day simple moving average is $70.30.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the business posted $1.15 earnings per share. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.4%. Best Buy’s payout ratio is presently 71.11%.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction 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 transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BNP Paribas Exane raised their price objective on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Guggenheim reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, May 29th. Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. DA Davidson reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Monday, June 22nd. Finally, Morgan Stanley upped their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus price target of $82.70.

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.