Swiss National Bank Sells 19,700 Shares of Best Buy Co., Inc. (NYSE:BBY)

Swiss National Bank cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 3.1% during the 4th quarter, Holdings Channel reports. The firm owned 612,000 shares of the technology retailer’s stock after selling 19,700 shares during the period. Swiss National Bank’s holdings in Best Buy were worth $47,907,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. HS Management Partners LLC bought a new stake in shares of Best Buy in the 4th quarter worth approximately $103,854,000. Barclays PLC boosted its holdings in Best Buy by 120.3% in the third quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer’s stock valued at $92,819,000 after acquiring an additional 729,605 shares in the last quarter. Federated Hermes Inc. increased its position in Best Buy by 36.2% during the 3rd quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer’s stock valued at $179,680,000 after purchasing an additional 687,556 shares during the period. Van Hulzen Asset Management LLC raised its holdings in Best Buy by 426.7% in the 3rd quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer’s stock worth $51,450,000 after purchasing an additional 600,000 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its position in shares of Best Buy by 73.1% in the 4th quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer’s stock worth $97,339,000 after purchasing an additional 518,920 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Jefferies Financial Group lowered their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group lifted their price target on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. The Goldman Sachs Group increased their price objective on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $89.00 to $101.00 in a report on Friday, March 22nd. Finally, TheStreet upgraded shares of Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and a consensus price target of $84.60.

Insider Buying and Selling

In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Corie S. Barry sold 28,042 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 over the last 90 days. Insiders own 0.59% of the company’s stock.

Best Buy Stock Down 0.1 %

NYSE:BBY opened at $74.40 on Tuesday. The company’s 50 day moving average is $77.87 and its two-hundred day moving average is $74.31. The company has a market cap of $16.10 billion, a PE ratio of 13.08, a P/E/G ratio of 1.94 and a beta of 1.50. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. During the same period last year, the business posted $2.61 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. Analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.05%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is presently 66.08%.

Best Buy Company 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.