Zurcher Kantonalbank Zurich Cantonalbank Has $13.91 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 11.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 165,012 shares of the technology retailer’s stock after buying an additional 16,647 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Best Buy worth $13,909,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of Best Buy in the 4th quarter valued at $5,760,000. GAMMA Investing LLC bought a new position in shares of Best Buy during the 4th quarter worth about $51,000. Atria Wealth Solutions Inc. increased its holdings in shares of Best Buy by 98.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 13,062 shares of the technology retailer’s stock worth $1,032,000 after purchasing an additional 6,465 shares during the period. Van ECK Associates Corp increased its holdings in shares of Best Buy by 3.1% during the 4th quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock worth $7,607,000 after purchasing an additional 2,891 shares during the period. Finally, Berry Wealth Group LP bought a new position in shares of Best Buy during the 4th quarter worth about $1,508,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BBY shares. DA Davidson upped their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Truist Financial reissued a “hold” rating and issued a $86.00 target price on shares of Best Buy in a research note on Monday, July 1st. Loop Capital upped their target price on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Evercore ISI boosted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Finally, Telsey Advisory Group restated an “outperform” rating and issued a $95.00 price target on shares of Best Buy in a research report on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Best Buy Stock Performance

Shares of NYSE BBY traded up $12.24 during mid-day trading on Thursday, reaching $100.03. 12,088,611 shares of the company were exchanged, compared to its average volume of 3,118,087. The company’s 50-day simple moving average is $85.58 and its 200-day simple moving average is $80.79. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $21.58 billion, a P/E ratio of 17.54, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period last year, the firm earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.76%. Best Buy’s dividend payout ratio is 65.85%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $88.46, for a total value of $61,154,874.88. Following the transaction, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,383,370 shares of company stock valued at $208,083,276. 0.59% of the stock is owned by company insiders.

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.