SEB Asset Management AB Makes New $7.51 Million Investment in Best Buy Co., Inc. $BBY

SEB Asset Management AB acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 116,925 shares of the technology retailer’s stock, valued at approximately $7,507,000.

Other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC raised its position in shares of Best Buy by 3.0% during the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after acquiring an additional 151 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in Best Buy by 0.9% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after purchasing an additional 152 shares in the last quarter. Applied Finance Capital Management LLC increased its stake in Best Buy by 3.8% in the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after purchasing an additional 157 shares during the last quarter. International Private Wealth Advisors LLC increased its stake in Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock valued at $224,000 after purchasing an additional 165 shares during the last quarter. Finally, J. Team Financial Inc. raised its holdings in Best Buy by 4.2% during the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after purchasing an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is currently owned by company insiders.

Best Buy Price Performance

Shares of NYSE BBY opened at $85.20 on Wednesday. The stock has a market cap of $17.96 billion, a P/E ratio of 15.78, a P/E/G ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $87.35. The stock has a 50 day moving average of $73.82 and a two-hundred day moving average of $67.82. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Analyst Ratings Changes

Several brokerages have recently weighed in on BBY. Piper Sandler restated a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. Wedbush increased their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Loop Capital lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Truist Financial boosted their price target on shares of Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research report on Friday, May 29th. Finally, Jefferies Financial Group upped their price objective on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average price target of $79.50.

About Best Buy

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.