Zurcher Kantonalbank Zurich Cantonalbank Has $21.69 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 4.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 252,764 shares of the technology retailer’s stock after selling 11,338 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Best Buy were worth $21,687,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in shares of Best Buy by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock worth $25,568,000 after purchasing an additional 4,958 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Best Buy by 202.0% during the third quarter. Crossmark Global Holdings Inc. now owns 33,647 shares of the technology retailer’s stock worth $3,476,000 after buying an additional 22,507 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in Best Buy by 496.2% during the third quarter. Los Angeles Capital Management LLC now owns 47,229 shares of the technology retailer’s stock valued at $4,879,000 after buying an additional 39,307 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Best Buy in the third quarter worth about $72,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Best Buy by 3.9% in the third quarter. Venturi Wealth Management LLC now owns 6,075 shares of the technology retailer’s stock worth $628,000 after buying an additional 226 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

BBY opened at $74.82 on Wednesday. The stock’s 50 day simple moving average is $85.23 and its 200-day simple moving average is $90.32. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market cap of $16.00 billion, a PE ratio of 12.79, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the previous year, the firm posted $2.72 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.08%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s payout ratio is presently 88.99%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BBY. Evercore ISI cut their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 5th. Citigroup lowered their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Morgan Stanley reduced their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Bank of America lowered their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $93.50.

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.