MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH trimmed its holdings in shares of Best Buy Co., Inc. (NYSE: BBY – Get Rating) by 23.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,743 shares of the technology retailer’s stock after selling 17,134 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Best Buy were worth $ 5,130,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Capital Investment Advisors LLC boosted its position in Best Buy by 10.7% during the first quarter. Capital Investment Advisors LLC now owns 138,811 shares of the technology retailer’s stock valued at $ 12,618,000 after buying an additional 13,363 shares during the period. Private Trust Co. NA boosted its holdings in shares of Best Buy by 8.6% during the first quarter. Private Trust Co. NA now owns 3,203 shares of the technology retailer’s stock worth $ 291,000 after purchasing an additional 253 shares during the period. Gibraltar Capital Management Inc. purchased a new stake in shares of Best Buy during the first quarter worth about $ 362,000. Ridgewood Investments LLC purchased a new stake in shares of Best Buy during the first quarter worth about $ 476,000. Finally, Asset Allocation & Management Company LLC purchased a new stake in shares of Best Buy during the first quarter worth about $ 745,000. Institutional investors and hedge funds own 80.79% of the company stock.
A number of research firms have recently weighed in on BBY. Truist Financial dropped their target price on shares of Best Buy to $ 83.00 and set a “hold” rating for the company in a report on Thursday, May 19th. Piper Sandler decreased their price target on shares of Best Buy to $ 91.00 in a research note on Wednesday, May 25th. Wells Fargo & Company decreased their target price on shares of Best Buy to $ 82.00 in a research note on Wednesday, May 25th. DA Davidson raised their target price on shares of Best Buy from $ 107.00 to $ 110.00 and gave the company a “buy” rating in a research note on Wednesday, May 25th. Finally, StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $ 96.06.
In other news, insider Todd G. Hartman sold 1,188 shares of the firm’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $ 95.72, for a total transaction of $ 113,715.36. Following the sale, the insider now directly owns 34,513 shares in the company, valued at approximately $ 3,303,584.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $ 80.68, for a total transaction of $ 132,799.28. Following the sale, the insider now owns 39,030 shares in the company, valued at $ 3,148,940.40. The disclosure for this sale can be found here. Insiders have sold a total of 64,151 shares of company stock worth $ 5,146,816 in the last quarter. Corporate insiders own 0.44% of the company stock.
Shares of BBY stock opened at $ 69.88 on Thursday. Best Buy Co., Inc. has a 12-month low of $ 67.66 and a 12-month high of $ 141.97. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average is $ 83.20 and its 200 day moving average is $ 93.47. The stock has a market capitalization of $ 15.73 billion, a P / E ratio of 7.76, a P / E / G ratio of 0.96 and a beta of 1.42.
Best Buy (NYSE: BBY – Get Rating) last issued its earnings results on Tuesday, May 24th. The technology retailer reported $ 1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $ 1.61 by ($ 0.04). Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The company had revenue of $ 10.65 billion during the quarter, compared to analysts’ expectations of $ 10.43 billion. During the same quarter in the prior year, the business posted $ 2.23 EPS. The company revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, equities analysts predict that Best Buy Co., Inc. will post 8.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be paid a dividend of $ 0.88 per share. This represents a $ 3.52 annualized dividend and a dividend yield of 5.04%. The ex-dividend date of this dividend is Monday, June 13th. Best Buy’s dividend payout ratio is presently 39.07%.
About Best Buy: (Get Rating)
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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