Intech Investment Management LLC Reduces Stake in Best Buy Co., Inc. (NYSE:BBY)

Intech Investment Management LLC cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 29.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,062 shares of the technology retailer’s stock after selling 3,725 shares during the period. Intech Investment Management LLC’s holdings in Best Buy were worth $764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Ninety One UK Ltd bought a new position in Best Buy during the second quarter valued at $121,325,000. Bank of New York Mellon Corp grew its holdings in Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Epoch Investment Partners Inc. raised its position in 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 purchasing an additional 680,257 shares during the period. KBC Group NV lifted its stake in 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 during the last quarter. Finally, Swedbank AB purchased a new position in shares of Best Buy during the first quarter valued at approximately $43,522,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $97.84 on Thursday. The stock’s fifty day moving average price is $90.63 and its 200 day moving average price is $83.82. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market cap of $21.01 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.84%. Best Buy’s payout ratio is currently 65.85%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BBY. Barclays increased their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI raised their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price target on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a report on Monday. They set a “hold” rating and a $100.00 price objective on the stock. Finally, Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average price target of $102.41.

Insider Buying and Selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 600,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock valued at $122,233,276 over the last 90 days. Insiders own 0.59% of the company’s stock.

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.