Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Zurcher Kantonalbank has reduced its holdings in Best Buy Co., Inc. by 13.0%, now owning 219,989 shares valued at $16.19 million.
• Multiple institutional investors have increased their stakes in Best Buy, with Pacer Advisors Inc. raising its stake by an astounding 3,890.0%.
• Best Buy reported earnings of $1.15 per share, exceeding analysts' estimates, despite a 0.9% year-over-year revenue decline.

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 13.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 219,989 shares of the technology retailer's stock after selling 32,775 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.10% of Best Buy worth $16,193,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. increased its stake in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after purchasing an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy during the fourth quarter worth approximately $31,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its stake in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares during the period. Finally, Grove Bank & Trust increased its stake in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY stock traded down $0.95 during midday trading on Friday, hitting $64.11. 3,188,689 shares of the stock traded hands, compared to its average volume of 3,677,251. The firm has a market cap of $13.55 billion, a P/E ratio of 15.67, a PEG ratio of 1.74 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The stock's fifty day simple moving average is $69.45 and its 200-day simple moving average is $73.46. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

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

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a dividend of $0.95 per share. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.9%. Best Buy's payout ratio is presently 92.91%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.47% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Piper Sandler reiterated a "neutral" rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Barclays cut their price objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. DA Davidson reissued a "buy" rating and set a $110.00 price objective on shares of Best Buy in a report on Monday, April 14th. Truist Financial lifted their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Finally, Guggenheim reissued a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average price target of $85.72.

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.