Norges Bank Invests $174.69 Million in Best Buy Co., Inc. $BBY

Norges Bank bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,609,965 shares of the technology retailer’s stock, valued at approximately $174,685,000. Norges Bank owned about 1.25% of Best Buy as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock worth $1,810,904,000 after acquiring an additional 552,360 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after acquiring an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in Best Buy during the 4th quarter worth about $1,741,000. Allianz Asset Management GmbH grew its holdings in Best Buy by 5.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,639,202 shares of the technology retailer’s stock worth $123,956,000 after acquiring an additional 89,057 shares during the last quarter. Finally, Waratah Capital Advisors Ltd. bought a new stake in Best Buy during the 3rd quarter worth about $3,032,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $71.84 on Thursday. The company has a market capitalization of $15.14 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 1.94 and a beta of 1.30. The firm’s 50 day simple moving average is $62.87 and its 200 day simple moving average is $66.72. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.55 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 5.3%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. UBS Group reissued a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Wedbush increased their price objective on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Daiwa Securities Group upped their target price on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore upped their target price on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Finally, Piper Sandler restated a “neutral” rating and set a $77.00 target price on shares of Best Buy in a research report on Thursday, May 28th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.05.

Trending Headlines about Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Daiwa Securities lifted its price target on BBY to $77 from $68, suggesting improved expectations even though the firm kept a neutral rating. Other analysts also raised targets recently, which can help support the stock. MarketScreener
• Positive Sentiment: Best Buy’s latest quarterly results topped estimates on both EPS and revenue, and management maintained its FY2027 outlook, reinforcing the view that the business is executing well. Yahoo Finance
• Positive Sentiment: Media coverage around Best Buy’s AI laptop assortment, marketplace growth, and other new product initiatives has fueled optimism that the retailer may be finding new growth drivers. MarketBeat
• Neutral Sentiment: Jim Cramer highlighted Best Buy in recent commentary, and other coverage noted the stock’s strong year-to-date performance and dividend yield. These items may support sentiment, but they are not direct catalysts. Yahoo Finance
• Negative Sentiment: Chairman Richard M. Schulze sold 500,350 shares, and CAO Mathew Watson also sold shares. Insider selling can weigh on investor confidence, especially after a strong run in the stock. SEC filing
• Negative Sentiment: One report said BBY underperformed peers on Tuesday, hinting that traders may be rotating away from the stock despite recent operational improvements. MarketWatch

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares in the company, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 579,381 shares of company stock worth $43,163,654. Corporate insiders own 0.47% of the company’s stock.

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.