Swiss Life Asset Management Ltd decreased its stake in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 9.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 309,205 shares of the technology retailer’s stock after selling 31,884 shares during the period. Swiss Life Asset Management Ltd owned 0.15% of Best Buy worth $23,382,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its holdings in shares of Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 138 shares during the period. Palisade Asset Management LLC bought a new stake in Best Buy in the 3rd quarter valued at about $25,000. Root Financial Partners LLC acquired a new position in Best Buy during the 3rd quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in Best Buy in the 2nd quarter worth about $33,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Best Buy in the second quarter valued at approximately $38,000. 80.96% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
BBY has been the subject of several analyst reports. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company cut their target price on Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, January 21st. Evercore reissued a “buy” rating and set a $75.00 price target on shares of Best Buy in a report on Wednesday, March 4th. Finally, DA Davidson set a $78.00 price objective on shares of Best Buy in a research note on Thursday, March 5th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $76.20.
Best Buy Trading Up 2.1%
Shares of Best Buy stock opened at $64.20 on Friday. The business has a fifty day simple moving average of $65.64 and a 200-day simple moving average of $72.13. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $84.99. The firm has a market cap of $13.42 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39.
Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 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 firm had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same period in the previous year, the business earned $2.58 earnings per share. Best Buy’s revenue for the quarter was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.
Best Buy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is presently 75.40%.
About Best Buy
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.
Further Reading
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