Zurcher Kantonalbank Zurich Cantonalbank Buys 43,205 Shares of Best Buy Co., Inc. (NYSE:BBY)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 46.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,908 shares of the technology retailer's stock after buying an additional 43,205 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Best Buy worth $10,639,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BBY. Price T Rowe Associates Inc. MD increased its position in Best Buy by 32.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer's stock valued at $773,724,000 after buying an additional 2,409,006 shares in the last quarter. Norges Bank acquired a new position in Best Buy during the 4th quarter valued at about $161,121,000. HS Management Partners LLC acquired a new position in Best Buy during the 4th quarter valued at about $103,854,000. Renaissance Technologies LLC boosted its stake in Best Buy by 1,079.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer's stock valued at $104,154,000 after purchasing an additional 1,217,900 shares during the last quarter. Finally, Capital World Investors acquired a new position in Best Buy during the 1st quarter valued at about $99,081,000. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Best Buy from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Citigroup lifted their price target on Best Buy from $67.00 to $76.00 and gave the company a "sell" rating in a research note on Friday, March 1st. Wedbush lifted their price target on Best Buy from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Friday, March 1st. UBS Group boosted their target price on Best Buy from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Friday, March 1st. Finally, Telsey Advisory Group upgraded Best Buy from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $84.60.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,505 shares of the business's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the sale, the chief accounting officer now owns 25,638 shares of the company's stock, valued at approximately $2,097,188.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Corie S. Barry sold 366 shares of the company's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company's stock, valued at $32,670,060.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 2,505 shares of the company's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the transaction, the chief accounting officer now directly owns 25,638 shares in the company, valued at approximately $2,097,188.40. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $0.15 during mid-day trading on Friday, reaching $76.15. The company had a trading volume of 1,368,396 shares, compared to its average volume of 2,634,290. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.98 and a beta of 1.49. The company's 50-day moving average price is $77.96 and its 200-day moving average price is $73.94. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $86.11.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.51 by $0.21. The company had revenue of $14.65 billion for the quarter, compared to analysts' expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. Best Buy's revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.61 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is a boost from Best Buy's previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.94%. Best Buy's payout ratio is presently 66.08%.

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.