Nykredit A S Makes New $4.41 Million Investment in Best Buy Co., Inc. $BBY

Nykredit A S acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 58,117 shares of the technology retailer’s stock, valued at approximately $4,410,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Best Buy during the second quarter worth about $1,932,812,000. AQR Capital Management LLC boosted its stake in shares of Best Buy by 99.8% in 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. Norges Bank bought a new position in shares of Best Buy during the fourth quarter valued at about $174,685,000. Schroder Investment Management Group grew its position in 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 position in shares of Best Buy in the second quarter worth approximately $174,893,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of NYSE BBY opened at $90.35 on Monday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. 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 has a market cap of $19.04 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.25 and a beta of 1.28. The firm has a fifty day moving average price of $84.03 and a 200-day moving average price of $72.04.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same period last year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be given a dividend of $0.96 per share. The ex-dividend date is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.3%. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred 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 sale, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In 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.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Telsey Advisory Group raised their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group upped their target price on shares of Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research report on Friday, August 28th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, Guggenheim lifted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $85.40.

Best Buy 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.