Avanza Fonder AB Has $1.57 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Avanza Fonder AB lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.8% in the first quarter, Holdings Channel reports. The institutional investor owned 20,710 shares of the technology retailer’s stock after selling 827 shares during the period. Avanza Fonder AB’s holdings in Best Buy were worth $1,568,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This trade represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 807,556 shares of company stock valued at $58,962,426. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Barclays lowered their price objective on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, May 30th. BNP Paribas raised Best Buy to a “hold” rating in a report on Friday, May 30th. Truist Financial boosted their price target on Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $86.11.

Best Buy Stock Performance

Best Buy stock opened at $72.63 on Thursday. The stock has a 50-day simple moving average of $67.31 and a 200 day simple moving average of $77.95. The stock has a market capitalization of $15.37 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter last year, the company posted $1.20 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.23%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 92.91%.

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.