JPMorgan Chase & Co. Sells 782,091 Shares of Best Buy Co., Inc. (NYSE:BBY)

JPMorgan Chase & Co. reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,390,281 shares of the technology retailer’s stock after selling 782,091 shares during the period. JPMorgan Chase & Co. owned about 4.55% of Best Buy worth $1,307,718,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in shares of Best Buy in the 4th quarter valued at $261,203,000. FMR LLC increased its holdings in shares of Best Buy by 21.0% in the fourth quarter. FMR LLC now owns 14,227,362 shares of the technology retailer’s stock worth $1,419,747,000 after buying an additional 2,464,803 shares during the period. BlackRock Inc. lifted its stake in shares of Best Buy by 8.7% in the 1st quarter. BlackRock Inc. now owns 20,989,045 shares of the technology retailer’s stock valued at $2,409,750,000 after acquiring an additional 1,682,939 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in Best Buy by 25.9% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 2,294,387 shares of the technology retailer’s stock valued at $228,950,000 after acquiring an additional 471,944 shares during the period. Finally, Principal Financial Group Inc. grew its position in Best Buy by 106.3% during the 4th quarter. Principal Financial Group Inc. now owns 720,555 shares of the technology retailer’s stock worth $71,904,000 after acquiring an additional 371,250 shares during the last quarter. 77.39% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CAO Mathew Watson sold 668 shares of Best Buy stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $116.09, for a total value of $77,548.12. Following the completion of the sale, the chief accounting officer now directly owns 14,462 shares in the company, valued at approximately $1,678,893.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew M. Bilunas sold 809 shares of the company’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total transaction of $92,128.92. The disclosure for this sale can be found here. Insiders sold 182,358 shares of company stock valued at $21,229,515 in the last 90 days. Company insiders own 0.36% of the company’s stock.

Best Buy stock traded up $2.24 during mid-day trading on Friday, reaching $114.78. The stock had a trading volume of 43,938 shares, compared to its average volume of 2,611,706. Best Buy Co., Inc. has a one year low of $75.23 and a one year high of $128.57. The company’s 50-day moving average price is $118.02. The firm has a market cap of $28.75 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 1.66 and a beta of 1.53. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 0.58.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Wednesday, May 26th. The technology retailer reported $2.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.84. Best Buy had a net margin of 4.44% and a return on equity of 59.67%. The firm had revenue of $11.64 billion for the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The business’s revenue for the quarter was up 35.9% on a year-over-year basis. On average, analysts forecast that Best Buy Co., Inc. will post 8.53 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Shareholders of record on Thursday, June 17th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Wednesday, June 16th. Best Buy’s payout ratio is 35.40%.

Several brokerages recently commented on BBY. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Best Buy to a “buy” rating and lifted their target price for the stock from $86.00 to $109.00 in a research note on Friday, May 28th. Piper Sandler upped their price objective on shares of Best Buy from $140.00 to $144.00 and gave the company an “overweight” rating in a research note on Friday, May 28th. Telsey Advisory Group raised their target price on Best Buy from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, May 28th. Barclays upped their price target on Best Buy from $121.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, May 28th. Finally, Royal Bank of Canada cut their price objective on Best Buy from $130.00 to $114.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $120.79.

Best Buy Profile

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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