J. Safra Sarasin Holding AG Increases Position in Best Buy Co., Inc. (NYSE:BBY)

J. Safra Sarasin Holding AG boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 661.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,678 shares of the technology retailer's stock after purchasing an additional 38,810 shares during the period. J. Safra Sarasin Holding AG's holdings in Best Buy were worth $3,833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BBY. TD Waterhouse Canada Inc. raised its holdings in shares of Best Buy by 130.8% during the fourth quarter. TD Waterhouse Canada Inc. now owns 921 shares of the technology retailer's stock valued at $79,000 after acquiring an additional 522 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Best Buy by 706.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 33,214 shares of the technology retailer's stock valued at $2,850,000 after purchasing an additional 29,097 shares during the period. Tradition Wealth Management LLC increased its position in Best Buy by 13.5% during the 4th quarter. Tradition Wealth Management LLC now owns 3,196 shares of the technology retailer's stock valued at $274,000 after purchasing an additional 379 shares during the period. MML Investors Services LLC raised its holdings in Best Buy by 2.7% in the 4th quarter. MML Investors Services LLC now owns 15,169 shares of the technology retailer's stock worth $1,301,000 after purchasing an additional 400 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Best Buy by 1.3% in the 4th quarter. MetLife Investment Management LLC now owns 52,069 shares of the technology retailer's stock worth $4,468,000 after purchasing an additional 693 shares during the period. Institutional investors own 80.96% of the company's stock.

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at $1,370,051.22. This represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last quarter. Company insiders own 0.59% of the company's stock.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $1.71 during midday trading on Friday, reaching $67.71. 5,171,526 shares of the company's stock traded hands, compared to its average volume of 3,300,809. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a 50 day moving average of $72.86 and a 200 day moving average of $83.20. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate 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. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.61%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is presently 88.99%.

Analysts Set New Price Targets

BBY has been the subject of a number of research reports. Telsey Advisory Group decreased their price target on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Evercore ISI decreased their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price target on Best Buy in a research report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Truist Financial dropped their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $91.28.

About Best Buy

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.