Czech National Bank Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Czech National Bank increased its position in Best Buy Co., Inc. (NYSE:BBY) by 5.9% in the 4th quarter, HoldingsChannel reports. The fund owned 42,367 shares of the technology retailer’s stock after purchasing an additional 2,379 shares during the period. Czech National Bank’s holdings in Best Buy were worth $3,635,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in BBY. Richardson Financial Services Inc. grew its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC raised its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Best Buy by 50.8% during the second quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer’s stock valued at $42,000 after acquiring an additional 166 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Best Buy during the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $83.12 on Thursday. The business’s fifty day moving average is $87.60 and its 200 day moving average is $90.20. The company has a market capitalization of $17.77 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 2.19 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the company posted $1.29 EPS. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.52%. Best Buy’s payout ratio is 64.27%.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the subject of a number of recent analyst reports. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Truist Financial decreased their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Citigroup decreased their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $117.00 price objective on shares of Best Buy in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $100.72.

Best Buy Company 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.