Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its position in Best Buy Co., Inc. (NYSE:BBY) by 4.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,470 shares of the technology retailer’s stock after buying an additional 516 shares during the period. Assenagon Asset Management S.A.’s holdings in Best Buy were worth $1,135,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. International Assets Investment Management LLC purchased a new position in Best Buy in the 4th quarter valued at about $5,760,000. Louisiana State Employees Retirement System bought a new position in shares of Best Buy during the fourth quarter worth about $916,000. Handelsbanken Fonder AB lifted its position in shares of Best Buy by 20.8% during the fourth quarter. Handelsbanken Fonder AB now owns 84,529 shares of the technology retailer’s stock worth $6,617,000 after purchasing an additional 14,537 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its position in shares of Best Buy by 4.7% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 14,384 shares of the technology retailer’s stock worth $1,126,000 after purchasing an additional 645 shares during the last quarter. Finally, GAMMA Investing LLC bought a new position in shares of Best Buy during the fourth quarter worth about $51,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were 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 owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $80,210,000.00. Following the completion of the transaction, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,383,370 shares of company stock worth $288,293,276. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

NYSE BBY opened at $85.78 on Friday. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The firm has a market capitalization of $18.50 billion, a PE ratio of 15.02, a P/E/G ratio of 2.76 and a beta of 1.48. The company’s 50 day simple moving average is $85.83 and its 200 day simple moving average is $80.38.

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 business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.96 billion. During the same quarter last year, the business earned $1.15 earnings per share. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were given a $0.94 dividend. The ex-dividend date was Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.38%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wedbush reaffirmed a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and increased their price target for the stock from $67.00 to $100.00 in a research report on Monday, June 3rd. Evercore ISI increased their price target on shares of Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. Loop Capital increased their price target on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. Finally, Truist Financial reissued a “hold” rating and issued a $86.00 target price on shares of Best Buy in a report on Monday, July 1st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.87.

Best Buy 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.