Zurcher Kantonalbank Zurich Cantonalbank Acquires 43,205 Shares of Best Buy Co., Inc. (NYSE:BBY)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 46.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,908 shares of the technology retailer’s stock after purchasing an additional 43,205 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Best Buy were worth $10,639,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC lifted its stake in Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 302 shares in the last quarter. Clear Street Markets LLC lifted its stake in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 183 shares in the last quarter. Hartford Financial Management Inc. lifted its stake in Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 140 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its stake in Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares in the last quarter. Finally, Quarry LP bought a new stake in Best Buy in the 1st quarter valued at approximately $48,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $76.15 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The stock’s fifty day moving average price is $77.96 and its two-hundred day moving average price is $73.89. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $86.11. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same period in the prior year, the firm posted $2.61 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.94%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is currently 66.08%.

Insider Activity

In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 28,042 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The disclosure for this sale can be found here. In the last three months, insiders sold 52,023 shares of company stock worth $4,253,900. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BBY shares. The Goldman Sachs Group boosted their target price on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Morgan Stanley upped their price objective on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Barclays upped their price objective on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Finally, UBS Group upped their price objective on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $84.60.

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.