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

Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 80.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 92,464 shares of the technology retailer’s stock after buying an additional 41,092 shares during the period. Munich Reinsurance Co Stock Corp in Munich’s holdings in Best Buy were worth $7,016,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Syon Capital LLC boosted its stake in Best Buy by 67.5% in the second quarter. Syon Capital LLC now owns 10,780 shares of the technology retailer’s stock valued at $818,000 after acquiring an additional 4,343 shares during the period. Concurrent Investment Advisors LLC boosted its position in Best Buy by 44.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 132,210 shares of the technology retailer’s stock valued at $10,032,000 after purchasing an additional 40,993 shares during the period. NEOS Investment Management LLC boosted its position in Best Buy by 12.6% during the 2nd quarter. NEOS Investment Management LLC now owns 31,191 shares of the technology retailer’s stock valued at $2,367,000 after purchasing an additional 3,497 shares during the period. iSAM Funds UK Ltd bought a new position in Best Buy during the 2nd quarter worth $364,000. Finally, Continuum Advisory LLC acquired a new stake in Best Buy in the second quarter worth $78,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on BBY. Guggenheim raised their target price on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Telsey Advisory Group upped their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Daiwa Securities Group increased their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Wedbush reiterated a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. Finally, Wells Fargo & Company boosted their target price on shares of Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average target price of $85.40.

Insider Transactions at Best Buy

In other news, Chairman Richard Schulze sold 224,705 shares of the company’s stock in a transaction on Friday, June 26th. The stock was 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. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 500,000 shares of company stock worth $39,065,226. Company insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

BBY stock opened at $90.35 on Friday. The company has a market capitalization of $19.04 billion, a P/E ratio of 15.03, a PEG ratio of 2.18 and a beta of 1.28. The company has a 50-day simple moving average of $84.03 and a 200 day simple moving average of $72.00. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

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

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio is 63.89%.

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.