Nordea Investment Management AB Sells 140 Shares of Best Buy Co., Inc. (NYSE:BBY)

Nordea Investment Management AB trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 0.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,492 shares of the technology retailer’s stock after selling 140 shares during the quarter. Nordea Investment Management AB’s holdings in Best Buy were worth $7,395,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BBY. Norges Bank purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $165,164,000. HS Management Partners LLC purchased a new position in shares of Best Buy in the 4th quarter worth $103,854,000. 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 worth $53,710,000 after buying an additional 680,257 shares during the last quarter. KBC Group NV raised its position in shares of Best Buy by 320.4% during the 4th quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after buying an additional 655,750 shares in the last quarter. Finally, Mairs & Power Inc. grew its position in Best Buy by 9,155.1% in the fourth quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock worth $41,658,000 after acquiring an additional 526,417 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the transaction, the chairman now owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $80.21, for a total value of $80,210,000.00. Following the transaction, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,000,629 shares of company stock valued at $166,107,653. 0.59% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on BBY. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $106.00 in a research note on Monday, June 17th. DA Davidson raised their price target on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Wedbush restated a “neutral” rating and set a $85.00 target price on shares of Best Buy in a research report on Tuesday, May 28th. Evercore ISI raised their price target on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Best Buy Trading Up 0.5 %

NYSE:BBY opened at $85.95 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a 50-day simple moving average of $80.68 and a 200-day simple moving average of $78.01. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72. The firm has a market cap of $18.54 billion, a P/E ratio of 14.97, a P/E/G ratio of 2.66 and a beta of 1.48.

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

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.37%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

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.