Banque Cantonale Vaudoise Takes $2.02 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Banque Cantonale Vaudoise has acquired a new investment in Best Buy Co., Inc., purchasing 27,458 shares valued at approximately $2.02 million in the first quarter.
• Multiple hedge funds have recently adjusted their positions in Best Buy, with over 80% of the company's stock currently owned by institutional investors.
• Best Buy's quarterly earnings report showed an EPS of $1.15, exceeding analyst expectations, while revenue declined by 0.9% year-over-year.

Banque Cantonale Vaudoise purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 27,458 shares of the technology retailer's stock, valued at approximately $2,021,000.

Other hedge funds also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after buying an additional 239,840 shares during the period. Invesco Ltd. boosted its holdings in shares of Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Best Buy by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,157,432 shares of the technology retailer's stock worth $270,910,000 after buying an additional 146,267 shares during the period. Northern Trust Corp boosted its holdings in shares of Best Buy by 31.3% during the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after buying an additional 701,287 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Best Buy by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,605,902 shares of the technology retailer's stock valued at $223,586,000 after purchasing an additional 215,265 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Tuesday, June 10th. Loop Capital reduced their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wells Fargo & Company reduced their price target on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. DA Davidson reissued a "buy" rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $85.72.

Best Buy Price Performance

Shares of Best Buy stock traded down $0.95 during mid-day trading on Friday, reaching $64.11. 3,188,714 shares of the stock were exchanged, compared to its average volume of 3,290,663. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 15.67, a price-to-earnings-growth ratio of 1.72 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The firm has a 50-day simple moving average of $69.33 and a 200 day simple moving average of $73.33. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company posted $1.20 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.9%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.47% of the company's stock.

About Best Buy

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.