Munich Reinsurance Co Stock Corp in Munich grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 80.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 92,464 shares of the technology retailer’s stock after acquiring an additional 41,092 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in Best Buy were worth $7,016,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Tema ETFs LLC lifted its stake in Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock valued at $179,000 after buying an additional 145 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after acquiring an additional 151 shares during the period. B. Metzler seel. Sohn & Co. AG lifted its position in shares of Best Buy by 1.0% in the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer’s stock valued at $1,109,000 after acquiring an additional 151 shares in the last quarter. Applied Finance Capital Management LLC lifted its position in shares of Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after acquiring an additional 157 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in Best Buy by 6.2% in the 4th quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. 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 report on Tuesday, August 4th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Piper Sandler increased their price objective on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Finally, Citigroup raised their price objective on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $85.40.
Best Buy Price Performance
Shares of NYSE:BBY opened at $90.35 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The business has a fifty day simple moving average of $84.03 and a 200 day simple moving average of $72.00. The firm has a market cap of $19.04 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 2.18 and a beta of 1.28.
Best Buy (NYSE:BBY – Get Free Report) last issued its 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 firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts predict 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 declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. Best Buy’s payout ratio is presently 63.89%.
Insider Activity at Best Buy
In related news, Chairman Richard Schulze sold 224,705 shares of the 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 transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 500,000 shares of company stock valued at $39,065,226. Insiders own 0.50% of the company’s stock.
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.
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