AMF Tjanstepension AB Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

AMF Tjanstepension AB bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 105,583 shares of the technology retailer’s stock, valued at approximately $8,676,000.

Other institutional investors also recently modified their holdings of the company. Rise Advisors LLC raised its stake in shares of Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. Hartford Financial Management Inc. raised its stake in shares of Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Best Buy by 4.0% during the fourth quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after buying an additional 148 shares during the last quarter. Avory & Company LLC raised its stake in shares of Best Buy by 2.6% during the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock worth $471,000 after buying an additional 154 shares during the last quarter. Finally, Disciplined Equity Management Inc. increased its stake in Best Buy by 1.1% in the fourth quarter. Disciplined Equity Management Inc. now owns 15,093 shares of the technology retailer’s stock valued at $1,181,000 after purchasing an additional 160 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $84.29 on Friday. The firm has a 50 day moving average of $79.74 and a 200-day moving average of $77.69. The stock has a market capitalization of $18.18 billion, a PE ratio of 14.76, a PEG ratio of 2.72 and a beta of 1.49. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $93.72.

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

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Thursday, June 20th. Best Buy’s dividend payout ratio is 65.85%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $80.21, for a total transaction of $80,210,000.00. Following the sale, the chairman now directly owns 8,850 shares of the company’s stock, valued at approximately $709,858.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock worth $166,397,807 in the last three months. 0.59% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on BBY. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Morgan Stanley upped their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Loop Capital upped their price target on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a report on Friday, June 7th. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and increased their target price for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. Finally, Jefferies Financial Group reduced their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

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.