Best Buy Co., Inc. (NYSE:BBY) Stock Position Lifted by DNB Asset Management AS

DNB Asset Management AS grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 17.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,066 shares of the technology retailer’s stock after purchasing an additional 4,692 shares during the quarter. DNB Asset Management AS’s holdings in Best Buy were worth $2,703,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Best Buy during the 4th quarter valued at $165,164,000. Epoch Investment Partners Inc. increased its holdings in shares of Best Buy by 11,586.7% in the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock valued at $53,710,000 after purchasing an additional 680,257 shares during the period. KBC Group NV lifted its position 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 worth $67,352,000 after purchasing an additional 655,750 shares in the last quarter. Swedbank AB acquired a new stake in shares of Best Buy during the first quarter worth approximately $43,522,000. Finally, Mairs & Power Inc. grew its position in Best Buy by 9,155.1% during the fourth quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock valued at $41,658,000 after purchasing an additional 526,417 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BBY. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and increased their target price for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Evercore ISI increased their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a report on Friday, May 31st. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $106.00 in a research report on Monday, June 17th. 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. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $95.00 price objective on shares of Best Buy in a research report on Thursday, May 30th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $90.87.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the sale, the chairman now owns 8,850 shares of the company’s stock, valued at $709,858.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the transaction, the chairman now owns 8,850 shares in the company, valued at approximately $709,858.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 691,328 shares of Best Buy stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Insiders sold 3,383,370 shares of company stock valued at $288,293,276 in the last three months. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Up 2.2 %

NYSE BBY traded up $1.77 on Tuesday, reaching $82.00. The company had a trading volume of 2,870,876 shares, compared to its average volume of 3,155,867. The firm has a market cap of $17.69 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $93.72. The business has a 50 day moving average of $86.04 and a two-hundred day moving average of $79.56.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.59%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.