Danske Bank A S Takes $7.08 Million Position in Best Buy Co., Inc. $BBY

Danske Bank A S bought a new stake in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 93,309 shares of the technology retailer’s stock, valued at approximately $7,080,000.

Several other hedge funds have also made changes to their positions in BBY. Palisade Asset Management LLC purchased a new position in Best Buy during the 3rd quarter worth $25,000. MV Capital Management Inc. acquired a new position in shares of Best Buy during the fourth quarter worth about $25,000. Torren Management LLC purchased a new position in Best Buy during the fourth quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 0.4%

Shares of BBY stock opened at $86.07 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 2.47 and a beta of 1.29. The firm has a 50-day moving average price of $82.15 and a 200 day moving average price of $70.72. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping 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 firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the previous year, the company earned $1.15 EPS. 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. Research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

Analysts Set New Price Targets

BBY has been the topic of several research analyst reports. Bank of America began coverage on shares of Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price on the stock. Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Daiwa Securities Group boosted 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. Piper Sandler upped their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, DA Davidson reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $83.10.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s 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 completion of the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by insiders.

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.