Best Buy Co., Inc. $BBY Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 86.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,907 shares of the technology retailer’s stock after selling 25,110 shares during the period. Meeder Asset Management Inc.’s holdings in Best Buy were worth $251,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Torren Management LLC acquired a new stake in Best Buy during the fourth quarter worth about $25,000. MV Capital Management Inc. acquired a new position in Best Buy in the fourth quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new position in Best Buy in the third quarter valued at approximately $25,000. Hillsdale Investment Management Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 311 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 0.1%

Shares of BBY opened at $85.20 on Wednesday. The firm has a market cap of $17.96 billion, a P/E ratio of 15.78, a PEG ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $87.35. The stock’s 50 day moving average is $73.82 and its two-hundred day moving average is $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 for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the prior year, the company posted $1.15 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. 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 payout ratio is presently 71.11%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. 0.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BBY. Daiwa Securities Group raised their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price target on shares of Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Guggenheim restated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Finally, Citigroup lifted their price objective on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.