Johnson Financial Group Inc. Invests $2.02 Million in Best Buy Co., Inc. $BBY

Johnson Financial Group Inc. acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 26,315 shares of the technology retailer’s stock, valued at approximately $2,022,000.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. purchased a new position in Best Buy during the 2nd quarter worth approximately $1,932,812,000. Vanguard Group Inc. increased its stake in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after buying an additional 307,905 shares during the period. AQR Capital Management LLC raised its holdings in Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after purchasing an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after buying an additional 160,713 shares in the last quarter. Finally, Invesco Ltd. raised its position in Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after acquiring an additional 271,988 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BBY shares. UBS Group reissued a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Daiwa Securities Group raised their price target on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a report on Monday, July 13th. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $82.70.

Insider Buying and Selling at Best Buy

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

Best Buy Stock Performance

Shares of BBY opened at $89.33 on Thursday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The company’s 50 day simple moving average is $81.84 and its 200 day simple moving average is $70.47. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 2.51 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period in the previous year, the company earned $1.15 EPS. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.3%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio is presently 71.11%.

Best Buy Company Profile

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.