Swiss National Bank Increases Holdings in Best Buy Co., Inc. $BBY

Swiss National Bank increased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 584,300 shares of the technology retailer’s stock after purchasing an additional 37,200 shares during the quarter. Swiss National Bank owned 0.28% of Best Buy worth $37,512,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BBY. Woodline Partners LP lifted its stake in Best Buy by 40.1% during the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after acquiring an additional 1,234 shares during the period. Investment Management Corp of Ontario increased its stake in shares of Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC raised its holdings in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after purchasing an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after purchasing an additional 76,102 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 2.2%

BBY opened at $87.07 on Thursday. The company has a fifty day moving average of $74.45 and a two-hundred day moving average of $67.97. The stock has a market capitalization of $18.35 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 2.27 and a beta of 1.30. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $87.35. 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 (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the company posted $1.15 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, research analysts expect that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

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

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a report on Friday, May 29th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Citigroup boosted their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Monday, June 22nd. Finally, Telsey Advisory Group set a $90.00 target price on Best Buy and gave the stock an “outperform” rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.50.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the business’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 sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

Best Buy Profile

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.