Thu Sep 26 13:23:57 UTC 2024: ## Intech Investment Management Cuts Best Buy Stake, Other Investors Adjust Holdings
**New York, NY (MarketBeat News) -** Intech Investment Management LLC reduced its stake in Best Buy Co., Inc. (NYSE: BBY) by 29.1% during the second quarter, according to a recent SEC filing. The firm now owns 9,062 shares of the technology retailer valued at $764,000.
This move comes as other large investors have also adjusted their Best Buy holdings.
Ninety One UK Ltd entered a new position in Best Buy during the second quarter, worth $121,325,000. Bank of New York Mellon Corp increased its Best Buy holdings by 55.7% in the second quarter, owning 2,863,291 shares valued at $241,347,000.
Epoch Investment Partners Inc. significantly raised its Best Buy position by 11,586.7% in the fourth quarter, now owning 686,128 shares valued at $53,710,000. KBC Group NV also boosted its Best Buy stake by 320.4% in the fourth quarter, owning 860,388 shares worth $67,352,000.
Swedbank AB acquired a new position in Best Buy during the first quarter, valued at approximately $43,522,000. Overall, institutional investors currently own 80.96% of Best Buy’s stock.
Best Buy’s stock opened at $97.84 on Thursday. The company declared a quarterly dividend of $0.94, payable on October 10th to shareholders of record on September 19th.
Several research firms have recently provided their insights on Best Buy. Barclays raised their target price to $95.00, while Evercore ISI and JPMorgan Chase & Co. also increased their target prices. Melius Research initiated coverage with a “hold” rating, and Piper Sandler restated an “overweight” rating.
In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares on July 8th, and Chairman Richard M. Schulze sold 600,000 shares on July 22nd.
**Best Buy Co., Inc. (NYSE: BBY)** operates as a leading retailer of technology products in the US, Canada, and internationally, offering a diverse range of goods from computers and mobile phones to home theaters and smart home devices.
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