Best Buy Co., Inc. (NYSE:BBY) Shares Bought by MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 44.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 65,867 shares of the technology retailer’s stock after acquiring an additional 20,305 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Best Buy were worth $5,403,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AMF Tjanstepension AB purchased a new position in shares of Best Buy in the 1st quarter valued at $8,676,000. Bridgewater Associates LP lifted its holdings in shares of Best Buy by 34.9% in the 4th quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after purchasing an additional 50,438 shares during the last quarter. Cerity Partners LLC grew its stake in Best Buy by 8.4% during the 4th quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after buying an additional 8,042 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in Best Buy during the fourth quarter worth approximately $317,000. Finally, Private Advisor Group LLC purchased a new stake in Best Buy in the fourth quarter valued at approximately $328,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Best Buy stock traded down $0.12 during trading hours on Tuesday, hitting $82.17. 3,074,486 shares of the company traded hands, compared to its average volume of 3,178,836. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $93.72. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $79.88 and its two-hundred day simple moving average is $77.79. The firm has a market cap of $17.72 billion, a P/E ratio of 14.39, a P/E/G ratio of 2.72 and a beta of 1.48.

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

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be issued a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.58%. Best Buy’s payout ratio is currently 65.85%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BBY. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Citigroup raised Best Buy from a “sell” rating to a “buy” rating and increased their price objective for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Jefferies Financial Group dropped their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Truist Financial reaffirmed a “hold” rating and issued a $86.00 price objective on shares of Best Buy in a report on Monday. Finally, Wedbush reissued a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total transaction of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mathew Watson sold 3,520 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock valued at $166,397,807 over the last quarter. Company insiders own 0.59% of the company’s stock.

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.