Nordea Investment Management AB Sells 26,833 Shares of Best Buy Co., Inc. $BBY

Nordea Investment Management AB cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 563,379 shares of the technology retailer’s stock after selling 26,833 shares during the quarter. Nordea Investment Management AB owned 0.27% of Best Buy worth $42,180,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BBY. Vanguard Group Inc. grew its holdings in Best Buy by 1.8% during the second quarter. Vanguard Group Inc. now owns 23,395,055 shares of the technology retailer’s stock valued at $1,570,510,000 after purchasing an additional 419,312 shares during the period. State Street Corp boosted its position in shares of Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after purchasing an additional 496,215 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after buying an additional 69,533 shares during the period. Invesco Ltd. grew its holdings in shares of Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after buying an additional 621,863 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Best Buy by 39.5% in the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock valued at $235,064,000 after buying an additional 991,141 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. Telsey Advisory Group raised their price target on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 26th. Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Wednesday, November 26th. The Goldman Sachs Group lowered their target price on Best Buy from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Daiwa Capital Markets lifted their price target on shares of Best Buy from $76.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, November 28th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $83.89.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the transaction, the chairman owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This trade represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 1,534,993 shares of company stock valued at $126,626,855. 0.47% of the stock is owned by company insiders.

Best Buy Trading Down 1.2%

NYSE BBY opened at $66.65 on Thursday. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $91.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The stock’s 50 day moving average price is $73.21 and its two-hundred day moving average price is $73.62. The stock has a market capitalization of $13.97 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 1.71 and a beta of 1.41.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The company had revenue of $9.67 billion for the quarter, compared to the consensus estimate of $9.57 billion. During the same period last year, the company earned $1.26 earnings per share. The firm’s revenue was up 2.4% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 16th were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Tuesday, December 16th. Best Buy’s dividend payout ratio is currently 125.83%.

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.