DNB Asset Management AS Has $2.70 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

DNB Asset Management AS lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 17.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,066 shares of the technology retailer’s stock after buying an additional 4,692 shares during the period. DNB Asset Management AS’s holdings in Best Buy were worth $2,703,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Bfsg LLC acquired a new position in shares of Best Buy during the fourth quarter worth $25,000. Rise Advisors LLC grew its position in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Best Buy in the first quarter valued at about $27,000. Naples Money Management LLC bought a new position in shares of Best Buy during the fourth quarter worth about $27,000. Finally, Access Investment Management LLC acquired a new position in shares of Best Buy in the fourth quarter worth approximately $27,000. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BBY shares. Wedbush restated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. DA Davidson lifted their price objective on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Telsey Advisory Group restated an “outperform” rating and set a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Evercore ISI boosted their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. Finally, Truist Financial reiterated a “hold” rating and issued a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus target price of $90.87.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at $709,858.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 3,383,370 shares of company stock valued at $288,293,276 over the last quarter. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of Best Buy stock traded up $1.77 during trading hours on Tuesday, hitting $82.00. 2,870,876 shares of the company’s stock traded hands, compared to its average volume of 3,155,867. The stock has a market capitalization of $17.69 billion, a price-to-earnings ratio of 14.40, a PEG ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The company has a fifty day simple moving average of $86.04 and a 200-day simple moving average of $79.56.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.15 earnings per share. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were given a $0.94 dividend. The ex-dividend date was Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.59%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.