Vontobel Holding Ltd. Lowers Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Vontobel Holding Ltd. lessened its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,157 shares of the technology retailer’s stock after selling 1,055 shares during the quarter. Vontobel Holding Ltd.’s holdings in Best Buy were worth $4,148,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BBY. HighPoint Advisor Group LLC acquired a new position in Best Buy during the fourth quarter worth approximately $231,000. CWM LLC lifted its stake in shares of Best Buy by 14.0% in the 1st quarter. CWM LLC now owns 3,457 shares of the technology retailer’s stock valued at $284,000 after purchasing an additional 424 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Best Buy by 82.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 10,095 shares of the technology retailer’s stock worth $828,000 after purchasing an additional 4,550 shares during the period. GAMMA Investing LLC increased its position in Best Buy by 62.3% during the 1st quarter. GAMMA Investing LLC now owns 1,141 shares of the technology retailer’s stock worth $94,000 after purchasing an additional 438 shares in the last quarter. Finally, Mather Group LLC. purchased a new position in Best Buy in the first quarter valued at approximately $169,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

BBY opened at $96.14 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $95.36 and its 200 day moving average price is $86.17. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The firm has a market cap of $20.74 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is currently 65.85%.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BBY. Citigroup raised their target price on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America increased their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Profile

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.