Best Buy Co., Inc. (NYSE:BBY) Shares Acquired by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 661.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,678 shares of the technology retailer’s stock after purchasing an additional 38,810 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Best Buy were worth $3,833,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. World Investment Advisors LLC purchased a new stake in shares of Best Buy in the third quarter valued at approximately $5,234,000. Wilmington Savings Fund Society FSB acquired a new stake in Best Buy in the third quarter valued at $247,000. Tidal Investments LLC boosted its position in shares of Best Buy by 24.5% during the 3rd quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock worth $2,294,000 after purchasing an additional 4,370 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Best Buy by 36.5% during the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after purchasing an additional 201,562 shares during the period. Finally, Retirement Systems of Alabama increased its holdings in shares of Best Buy by 0.7% in the 3rd quarter. Retirement Systems of Alabama now owns 42,782 shares of the technology retailer’s stock valued at $4,419,000 after purchasing an additional 306 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last ninety days. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

Shares of NYSE:BBY opened at $62.24 on Tuesday. The business has a fifty day simple moving average of $74.44 and a 200-day simple moving average of $83.70. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a market cap of $13.16 billion, a P/E ratio of 10.64, a P/E/G ratio of 2.10 and a beta of 1.42. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the business earned $2.72 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. The ex-dividend date was Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 6.11%. Best Buy’s payout ratio is currently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of research analyst reports. Bank of America decreased their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Evercore ISI decreased their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research note on Wednesday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup reiterated a “neutral” rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Finally, Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $91.28.

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.