Best Buy Co., Inc. $BBY Shares Acquired by Swiss National Bank

Swiss National Bank boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the 1st quarter, Holdings Channel reports. The firm owned 584,300 shares of the technology retailer’s stock after acquiring an additional 37,200 shares during the quarter. Swiss National Bank’s holdings in Best Buy were worth $37,512,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Concurrent Investment Advisors LLC raised its holdings in shares of Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after acquiring an additional 35,239 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in Best Buy during the fourth quarter worth about $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after purchasing an additional 67,600 shares during the last quarter. Oxbow Advisors LLC acquired a new position in Best Buy in the 4th quarter valued at about $6,295,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Best Buy by 8.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 478,965 shares of the technology retailer’s stock valued at $33,180,000 after buying an additional 38,739 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Best Buy stock opened at $87.07 on Thursday. The company’s 50 day simple moving average is $74.45 and its 200-day simple moving average is $67.97. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $87.35. The company has a market capitalization of $18.35 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 2.27 and a beta of 1.30.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter last year, the company posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is currently 71.11%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

BBY has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday. Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. JPMorgan Chase & Co. lifted their target price on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.50.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.