Swiss National Bank Has $43.75 Million Stake in Best Buy Co., Inc. $BBY

by · The Markets Daily

Swiss National Bank reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 4.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 578,600 shares of the technology retailer’s stock after selling 29,200 shares during the quarter. Swiss National Bank’s holdings in Best Buy were worth $43,754,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BBY. Harbor Capital Advisors Inc. boosted its stake in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares in the last quarter. Root Financial Partners LLC bought a new position in shares of Best Buy in the 3rd quarter valued at approximately $32,000. CYBER HORNET ETFs LLC acquired a new stake in Best Buy in the 2nd quarter worth approximately $33,000. MUFG Securities EMEA plc acquired a new stake in Best Buy in the 2nd quarter worth approximately $38,000. Finally, Zions Bancorporation National Association UT boosted its position in Best Buy by 1,385.4% during the third quarter. Zions Bancorporation National Association UT now owns 609 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 568 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BBY. Wedbush lowered their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Truist Financial reduced their price objective on shares of Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, January 21st. Jefferies Financial Group dropped their target price on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Finally, The Goldman Sachs Group cut their target price on shares of Best Buy from $93.00 to $76.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $76.20.

Get Our Latest Analysis on BBY

Best Buy Stock Down 0.8%

Shares of BBY stock opened at $62.63 on Friday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The firm has a market cap of $13.10 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46. The stock has a 50 day moving average of $66.38 and a 200-day moving average of $72.51.

Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter last year, the company posted $2.58 earnings per share. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a $0.96 dividend. The ex-dividend date is Tuesday, March 24th. This represents a $3.84 annualized dividend and a yield of 6.1%. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio (DPR) is 75.40%.

About Best Buy

(Free Report)

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.

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