DekaBank Deutsche Girozentrale Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

DekaBank Deutsche Girozentrale cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,099 shares of the technology retailer’s stock after selling 691 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.07% of Best Buy worth $11,928,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Tobam raised its holdings in Best Buy by 15.6% in the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the period. LVW Advisors LLC lifted its holdings in Best Buy by 2.3% during the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock valued at $482,000 after purchasing an additional 130 shares in the last quarter. Rise Advisors LLC boosted its position in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the period. MCF Advisors LLC raised its position in shares of Best Buy by 2.7% during the 1st quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock valued at $422,000 after purchasing an additional 134 shares during the period. Finally, Continuum Advisory LLC lifted its stake in shares of Best Buy by 34.7% during the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after buying an additional 149 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was 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 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 filing with the SEC, which is available at this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. 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 Best Buy stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of 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 1,383,370 shares of company stock worth $122,233,276 over the last 90 days. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on BBY. JPMorgan Chase & Co. lifted their target price on Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. DA Davidson raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Loop Capital boosted their price target on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Finally, Telsey Advisory Group raised their price target on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $102.56.

Best Buy Trading Up 0.3 %

BBY stock opened at $98.79 on Tuesday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The firm’s 50-day moving average is $89.14 and its 200 day moving average is $82.95. The company has a market capitalization of $21.31 billion, a PE ratio of 17.30, a P/E/G ratio of 2.56 and a beta of 1.46. 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 (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 analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. On average, research 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 paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is 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.