Banque Cantonale Vaudoise Trims Stock Position in Best Buy Co., Inc. $BBY

Banque Cantonale Vaudoise decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 51.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,667 shares of the technology retailer’s stock after selling 16,363 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Best Buy were worth $1,006,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Woodline Partners LP boosted its holdings in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after acquiring an additional 1,234 shares during the period. Investment Management Corp of Ontario raised its position in Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after purchasing an additional 7,288 shares during the last quarter. Ieq Capital LLC raised its position in Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after purchasing an additional 76,102 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on BBY shares. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Citigroup raised their price target on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company boosted their price target on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. Finally, Wedbush upped their price objective on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $79.50.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 500,350 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This represents a 4.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last ninety days. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Stock Up 1.3%

BBY stock opened at $77.91 on Friday. The stock has a market capitalization of $16.42 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30. The company has a fifty day moving average of $67.01 and a 200-day moving average of $66.68. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. During the same period in the previous year, the business posted $1.15 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is currently 71.11%.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.