Best Buy Co., Inc. $BBY Shares Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Best Buy stake by 30.5% in Q4, buying 55,682 shares to hold 238,124 shares worth about $15.94 million.
• Insiders sold a total of 77,247 Best Buy shares (~$4.95 million) last quarter, including CEO Corie S. Barry (42,869 shares) and CAO Mathew Watson (3,298 shares), trimming their positions.
• Analysts have cut ratings and price targets recently, leaving a MarketBeat consensus of "Hold" with an average target of $71.75; Best Buy also raised its quarterly dividend to $0.96, a yield of 6.4%.

Pictet Asset Management Holding SA raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 30.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 238,124 shares of the technology retailer's stock after buying an additional 55,682 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.11% of Best Buy worth $15,939,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. State of Michigan Retirement System raised its position in Best Buy by 2.1% in the fourth quarter. State of Michigan Retirement System now owns 74,603 shares of the technology retailer's stock valued at $4,993,000 after purchasing an additional 1,500 shares during the period. Inscription Capital LLC boosted its holdings in Best Buy by 155.9% during the 4th quarter. Inscription Capital LLC now owns 14,376 shares of the technology retailer's stock valued at $962,000 after acquiring an additional 8,758 shares during the period. Quest 10 Wealth Builders Inc. grew its holdings in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. J. Team Financial Inc. lifted its holdings in Best Buy by 4.2% during the 4th quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer's stock worth $285,000 after buying an additional 171 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer's stock valued at $1,623,409,000 after buying an additional 307,905 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,298 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $211,137.96. Following the sale, the chief accounting officer directly owned 23,192 shares in the company, valued at approximately $1,484,751.84. The trade was a 12.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the business's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. This represents a 7.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 77,247 shares of company stock valued at $4,945,353 in the last quarter. Corporate insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the subject of several analyst reports. The Goldman Sachs Group cut Best Buy from a "buy" rating to a "sell" rating and set a $59.00 target price for the company. in a research note on Monday, April 13th. Truist Financial lowered their price target on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating for the company in a report on Tuesday, March 3rd. Daiwa Securities Group dropped their price objective on Best Buy from $80.00 to $68.00 and set a "neutral" rating on the stock in a report on Thursday, March 5th. Barclays lowered their price target on Best Buy from $81.00 to $77.00 and set an "equal weight" rating for the company in a report on Thursday, January 8th. Finally, JPMorgan Chase & Co. cut shares of Best Buy from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $99.00 to $76.00 in a report on Monday, February 2nd. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of "Hold" and an average target price of $71.75.

Best Buy Stock Down 0.7%

Best Buy stock opened at $60.09 on Friday. The stock has a 50 day moving average of $63.32 and a two-hundred day moving average of $69.58. Best Buy Co., Inc. has a twelve month low of $58.17 and a twelve month high of $84.99. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.49 and a beta of 1.23.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter in the prior year, the firm earned $2.58 EPS. 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. As a group, research analysts expect that Best Buy Co., Inc. will post 6.5 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were issued a $0.96 dividend. The ex-dividend date of this dividend was Tuesday, March 24th. This represents a $3.84 annualized dividend and a dividend yield of 6.4%. This is an increase from Best Buy's previous quarterly dividend of $0.95. Best Buy's payout ratio is 76.19%.

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.

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