Czech National Bank Lowers Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Czech National Bank lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,730 shares of the technology retailer’s stock after selling 195 shares during the quarter. Czech National Bank’s holdings in Best Buy were worth $2,767,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC boosted its position in Best Buy by 549.1% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares in the last quarter. Bfsg LLC purchased a new position in Best Buy during the fourth quarter worth approximately $25,000. Rise Advisors LLC boosted its position in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. Naples Money Management LLC purchased a new position in Best Buy during the fourth quarter worth approximately $27,000. Finally, Access Investment Management LLC purchased a new position in Best Buy during the fourth quarter worth approximately $27,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Jefferies Financial Group decreased their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Telsey Advisory Group restated an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Truist Financial decreased their target price on Best Buy from $87.00 to $86.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Evercore ISI raised their target price on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Finally, Loop Capital raised their target price on Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 7th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Best Buy Price Performance

BBY stock opened at $90.38 on Friday. The business has a fifty day moving average of $78.76 and a two-hundred day moving average of $77.30. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $19.50 billion, a price-to-earnings ratio of 15.83, a price-to-earnings-growth ratio of 3.02 and a beta of 1.49. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 earnings per share. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.16%. Best Buy’s payout ratio is presently 65.85%.

Insider Activity

In related news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $80.21, for a total value of $80,210,000.00. Following the completion of the transaction, the chairman now directly owns 8,850 shares in the company, valued at $709,858.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,004,149 shares of company stock valued at $166,397,807. 0.59% of the stock is currently owned by corporate insiders.

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.