Best Buy Co., Inc. (NYSE:BBY) Stake Decreased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 owned about 0.12% of Best Buy worth $21,687,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BBY. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the fourth quarter worth $32,000. OFI Invest Asset Management acquired a new stake in Best Buy in the fourth quarter worth about $34,000. Trust Co. of Vermont grew its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after buying an additional 384 shares in the last quarter. LRI Investments LLC increased its stake in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after buying an additional 335 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Best Buy during the 3rd quarter valued at about $44,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of Best Buy stock opened at $74.82 on Wednesday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 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 price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The business has a fifty day simple moving average of $85.23 and a 200-day simple moving average of $90.32.

Remove Ads

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the previous year, the business posted $2.72 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. StockNews.com lowered Best Buy from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Morgan Stanley dropped their price objective on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Bank of America decreased their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Finally, Guggenheim dropped their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.