Posted by admin on Aug 17th, 2022

Principal Financial Group Inc. trimmed its stake in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 289,456 shares of the technology retailer’s stock after selling 16,319 shares during the period. Principal Financial Group Inc. owned 0.13% of Best Buy worth $26,312,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. OPSEU Pension Plan Trust Fund raised its position in shares of Best Buy by 3.4% in the 1st quarter. OPSEU Pension Plan Trust Fund now owns 14,672 shares of the technology retailer’s stock worth $1,337,000 after acquiring an additional 489 shares in the last quarter. Swiss National Bank raised its position in shares of Best Buy by 11.9% in the 1st quarter. Swiss National Bank now owns 958,873 shares of the technology retailer’s stock worth $87,162,000 after acquiring an additional 102,100 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Best Buy in the 1st quarter worth $38,000. WealthShield Partners LLC raised its position in shares of Best Buy by 129.8% in the 1st quarter. WealthShield Partners LLC now owns 8,410 shares of the technology retailer’s stock worth $771,000 after acquiring an additional 4,751 shares in the last quarter. Finally, Duality Advisers LP bought a new position in shares of Best Buy in the 1st quarter worth $3,877,000. 80.79% of the stock is owned by institutional investors.

In related news, CEO Corie S. Barry sold 4,388 shares of the company’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the transaction, the chief executive officer now owns 315,313 shares of the company’s stock, valued at approximately $22,071,910. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Corie S. Barry sold 4,388 shares of the company’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the transaction, the chief executive officer now owns 315,313 shares of the company’s stock, valued at approximately $22,071,910. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Allison Peterson sold 1,646 shares of the company’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total value of $132,799.28. Following the completion of the transaction, the insider now directly owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,011 shares of company stock valued at $5,036,334. 0.44% of the stock is owned by company insiders.

Several brokerages recently issued reports on BBY. Guggenheim reduced their target price on Best Buy from $100.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, August 1st. Bank of America lowered Best Buy from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 14th. DA Davidson upped their target price on Best Buy from $107.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, May 25th. Telsey Advisory Group reduced their target price on Best Buy from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Wedbush reduced their target price on Best Buy from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $87.25.

Shares of BBY opened at $84.95 on Wednesday. Best Buy Co., Inc. has a 52 week low of $64.29 and a 52 week high of $141.97. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $19.13 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.71 and a beta of 1.50. The stock’s 50-day moving average price is $73.37 and its 200-day moving average price is $86.17.

Best Buy (NYSE:BBY – Get Rating) last issued its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing analysts’ consensus estimates of $1.59 by ($0.02). 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 previous year, the company earned $2.23 EPS. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were issued a $0.88 dividend. The ex-dividend date of this dividend was Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a yield of 4.14%. Best Buy’s payout ratio is 39.07%.

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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