Best Buy Co., Inc. $BBY Stock Holdings Increased by Swiss Life Asset Management Ltd

Key Points

• Swiss Life Asset Management increased its Best Buy stake by 37.8% in the fourth quarter, now holding 426,183 shares valued at about $28.5 million. Overall, institutional investors own about 80.96% of the stock.
• Best Buy reported quarterly earnings of $2.61 per share, beating analyst estimates, though revenue of $13.81 billion fell slightly short of expectations and was down 1% year over year.
• The stock has been under pressure, with shares recently opening at $57.64 near their 52-week low, while analysts currently hold a consensus “Hold” rating and average target price of $71.75.

Swiss Life Asset Management Ltd lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 37.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 426,183 shares of the technology retailer's stock after purchasing an additional 116,978 shares during the quarter. Swiss Life Asset Management Ltd owned 0.20% of Best Buy worth $28,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Sage Private Wealth Group LLC lifted its position in shares of Best Buy by 3.1% in the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer's stock worth $311,000 after purchasing an additional 123 shares in the last quarter. Huntington National Bank lifted its position in shares of Best Buy by 12.0% in the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer's stock worth $98,000 after purchasing an additional 139 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its position in shares of Best Buy by 0.9% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer's stock worth $1,114,000 after purchasing an additional 152 shares in the last quarter. International Private Wealth Advisors LLC increased its holdings in Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer's stock worth $224,000 after buying an additional 165 shares during the last quarter. Finally, J. Team Financial Inc. increased its holdings in Best Buy by 4.2% in the fourth 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 during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Jefferies Financial Group dropped their price objective on Best Buy from $94.00 to $89.00 and set a "buy" rating on the stock in a report on Monday, February 9th. Weiss Ratings downgraded Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday. DA Davidson set a $78.00 price objective on Best Buy in a report on Thursday, March 5th. Piper Sandler restated a "buy" rating on shares of Best Buy in a report on Wednesday, March 4th. Finally, Wells Fargo & Company dropped their price objective on Best Buy from $75.00 to $70.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 18th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $71.75.

Best Buy Trading Down 3.0%

Shares of BBY stock opened at $57.64 on Tuesday. Best Buy Co., Inc. has a 12 month low of $56.68 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 business's 50 day moving average is $62.85 and its two-hundred day moving average is $68.71. The company has a market cap of $12.14 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.47 and a beta of 1.22.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company 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. The company'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. Equities analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were paid a $0.96 dividend. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy's previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a dividend yield of 6.7%. Best Buy's dividend payout ratio is 76.19%.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the firm's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $727,011.12. Following the sale, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president owned 102,669 shares in the company, valued at approximately $6,572,869.38. The trade was a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 77,247 shares of company stock valued at $4,945,353 in the last 90 days. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Profile

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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