Thu Sep 19 16:27:00 UTC 2024: ## Sienna Gestion Boosts Best Buy Stake as Institutional Investors Show Interest

**MINNEAPOLIS, MN – September 19, 2024** – Sienna Gestion, an institutional investor, increased its holdings in Best Buy Co., Inc. (NYSE: BBY) by 0.6% in the second quarter, according to the company’s recent 13F filing. Sienna Gestion now owns 81,568 shares of the technology retailer, worth approximately $6,872,000.

This move by Sienna Gestion comes amid a wave of activity from other institutional investors. Norges Bank acquired a new stake in Best Buy worth $165,164,000 in the fourth quarter. Ninety One UK Ltd also purchased a new position in the company for $121,325,000 in the second quarter.

Meanwhile, Bank of New York Mellon Corp increased its Best Buy holdings by 55.7% in the second quarter, now owning 2,863,291 shares valued at $241,347,000. Epoch Investment Partners Inc. made a significant boost to its position, increasing it by 11,586.7% in the fourth quarter, and KBC Group NV expanded its stake by 320.4% during the same period.

**Insider Trading Activity**

Best Buy Chairman Richard M. Schulze sold 691,328 shares of the company’s stock on July 18th, for a total transaction of $61,154,874.88. He currently holds 14,911,525 shares in the company.

Additionally, EVP Jason J. Bonfig sold 3,500 shares on July 8th, for a total transaction of $290,570.00.

Over the past 90 days, insiders have sold a total of 1,383,370 shares, representing $122,233,276 in value.

**Financial Performance**

Best Buy recently announced its quarterly earnings data on August 29th, reporting $1.34 EPS for the quarter, beating analyst expectations. The company’s revenue for the quarter was $9.29 billion, also exceeding analyst forecasts.

Best Buy also declared a quarterly dividend of $0.94, payable on October 10th, representing an annualized dividend of $3.76 and a dividend yield of 3.80%.

**Market Outlook**

Best Buy’s stock opened at $99.07 on Thursday, with a market cap of $21.37 billion. Equities research analysts predict that the company will post 6.26 earnings per share for the current fiscal year.

The company’s recent performance and strong institutional interest suggest continued investor confidence in Best Buy’s future prospects.

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