Forsta AP Fonden Has $5.38 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Forsta AP Fonden cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 16.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,800 shares of the technology retailer’s stock after selling 12,300 shares during the period. Forsta AP Fonden’s holdings in Best Buy were worth $5,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BBY. Norges Bank acquired a new stake in shares of Best Buy during the 4th quarter worth about $165,164,000. Ninety One UK Ltd acquired a new position in Best Buy in the second quarter worth $121,325,000. Bank of New York Mellon Corp grew its holdings in shares of Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of Best Buy by 11,586.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after buying an additional 680,257 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Best Buy by 320.4% in the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after buying an additional 655,750 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BBY shares. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler reissued an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Telsey Advisory Group boosted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Citigroup increased their price objective on Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Best Buy Stock Up 0.7 %

Best Buy stock opened at $98.45 on Friday. The firm has a market capitalization of $21.24 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.56 and a beta of 1.46. The company’s 50 day simple moving average is $88.88 and its 200 day simple moving average is $82.80. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.26 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.82%. Best Buy’s dividend payout ratio is presently 65.85%.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. In the last three months, insiders sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is owned by corporate insiders.

About Best Buy

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.