Norges Bank Invests $174.69 Million in Best Buy Co., Inc. $BBY

Norges Bank purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, Holdings Channel reports. The firm purchased 2,609,965 shares of the technology retailer’s stock, valued at approximately $174,685,000.

Several other hedge funds also recently made changes to their positions in the business. Huntington National Bank grew its stake in shares of Best Buy by 12.0% during the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after acquiring an additional 139 shares in the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of Best Buy by 0.9% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after acquiring an additional 152 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Best Buy by 3.8% during the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after acquiring an additional 157 shares in the last quarter. International Private Wealth Advisors LLC grew its stake in shares of Best Buy by 5.2% during the 4th quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after acquiring an additional 165 shares in the last quarter. Finally, J. Team Financial Inc. grew its stake in shares of Best Buy by 4.2% during the 4th quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after acquiring an additional 171 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Best Buy

In other news, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matthew M. Bilunas sold 11,356 shares of Best Buy stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. This represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 579,381 shares of company stock worth $43,163,654. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Trading Down 1.3%

Shares of Best Buy stock opened at $71.84 on Thursday. The business has a fifty day simple moving average of $62.87 and a two-hundred day simple moving average of $66.72. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The company has a market capitalization of $15.14 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 1.94 and a beta of 1.30. 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 (NYSE:BBY) last announced its quarterly 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 return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the firm posted $1.15 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.55 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.3%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

Analyst Upgrades and Downgrades

BBY has been the subject of several research reports. HSBC decreased their price target on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. BNP Paribas Exane raised their price target on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. UBS Group reaffirmed a “neutral” rating and set a $86.00 price target (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Weiss Ratings cut shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Finally, Piper Sandler reissued a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $79.05.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Daiwa Securities lifted its price target on BBY to $77 from $68, suggesting improved expectations even though the firm kept a neutral rating. Other analysts also raised targets recently, which can help support the stock. MarketScreener
• Positive Sentiment: Best Buy’s latest quarterly results topped estimates on both EPS and revenue, and management maintained its FY2027 outlook, reinforcing the view that the business is executing well. Yahoo Finance
• Positive Sentiment: Media coverage around Best Buy’s AI laptop assortment, marketplace growth, and other new product initiatives has fueled optimism that the retailer may be finding new growth drivers. MarketBeat
• Neutral Sentiment: Jim Cramer highlighted Best Buy in recent commentary, and other coverage noted the stock’s strong year-to-date performance and dividend yield. These items may support sentiment, but they are not direct catalysts. Yahoo Finance
• Negative Sentiment: Chairman Richard M. Schulze sold 500,350 shares, and CAO Mathew Watson also sold shares. Insider selling can weigh on investor confidence, especially after a strong run in the stock. SEC filing
• Negative Sentiment: One report said BBY underperformed peers on Tuesday, hinting that traders may be rotating away from the stock despite recent operational improvements. MarketWatch

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.