Best Buy Co., Inc. $BBY Stock Position Decreased by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd cut its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.3% during the third quarter, Holdings Channel reports. The firm owned 309,205 shares of the technology retailer’s stock after selling 31,884 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Best Buy were worth $23,382,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harbor Capital Advisors Inc. raised its holdings in Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after buying an additional 138 shares during the period. Palisade Asset Management LLC acquired a new position in shares of Best Buy in the third quarter worth about $25,000. Root Financial Partners LLC purchased a new position in shares of Best Buy in the third quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Best Buy during the second quarter valued at approximately $33,000. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BBY shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, January 21st. Jefferies Financial Group lowered their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Truist Financial reduced their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, March 3rd. Loop Capital raised their price objective on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Finally, Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $76.20.

Best Buy Stock Performance

Shares of BBY stock opened at $64.20 on Friday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $84.99. The stock’s 50-day moving average is $65.64 and its two-hundred day moving average is $72.13. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. The firm has a market cap of $13.42 billion, a P/E ratio of 12.74, a PEG ratio of 1.55 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. The company had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be given a $0.96 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Tuesday, March 24th. Best Buy’s payout ratio is presently 75.40%.

Best Buy Company 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.