Zurcher Kantonalbank Zurich Cantonalbank Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 46.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,908 shares of the technology retailer’s stock after acquiring an additional 43,205 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Best Buy worth $10,639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BBY. Price T Rowe Associates Inc. MD boosted its stake in shares of Best Buy by 32.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after purchasing an additional 2,409,006 shares during the last quarter. Norges Bank acquired a new stake in shares of Best Buy during the 4th quarter worth about $161,121,000. HS Management Partners LLC acquired a new stake in shares of Best Buy during the 4th quarter worth about $103,854,000. Renaissance Technologies LLC boosted its stake in shares of Best Buy by 1,079.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after purchasing an additional 1,217,900 shares during the last quarter. Finally, Capital World Investors acquired a new stake in shares of Best Buy during the 1st quarter worth about $99,081,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.2 %

Best Buy stock opened at $76.15 on Friday. The company has a 50-day simple moving average of $77.96 and a 200-day simple moving average of $73.89. The firm has a market capitalization of $16.40 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.99 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $86.11.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.61 earnings per share. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is currently 66.08%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BBY shares. The Goldman Sachs Group lifted their price target on shares of Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Truist Financial lifted their price target on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. Citigroup lifted their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Jefferies Financial Group dropped their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target of $84.60.

Insider Activity at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, CAO Mathew Watson sold 3,520 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total transaction of $290,153.60. Following the completion of the sale, the chief accounting officer now directly owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold 52,023 shares of company stock worth $4,253,900 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Best Buy Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.