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

Czech National Bank grew its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,988 shares of the technology retailer’s stock after purchasing an additional 3,296 shares during the quarter. Czech National Bank’s holdings in Best Buy were worth $4,131,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BBY. Cullen Investment Group LTD. boosted its position in Best Buy by 1.7% in the 3rd quarter. Cullen Investment Group LTD. now owns 66,152 shares of the technology retailer’s stock valued at $6,834,000 after buying an additional 1,111 shares during the period. Rockland Trust Co. boosted its holdings in shares of Best Buy by 2.4% in the third quarter. Rockland Trust Co. now owns 11,715 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 280 shares during the period. Park Avenue Securities LLC increased its holdings in Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the period. Delta Financial Group Inc. bought a new stake in Best Buy during the 3rd quarter valued at $216,000. Finally, IMPACTfolio LLC purchased a new stake in shares of Best Buy in the 3rd quarter worth $228,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

Shares of Best Buy stock opened at $97.47 on Friday. The firm has a market cap of $20.93 billion, a PE ratio of 16.81, a P/E/G ratio of 2.58 and a beta of 1.46. The business has a 50-day moving average price of $93.53 and a 200 day moving average price of $85.51. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the company posted $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.86%. Best Buy’s dividend payout ratio is currently 64.83%.

Analysts Set New Price Targets

Several research firms recently weighed in on BBY. Wedbush lifted their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price on the stock. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Truist Financial lifted their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.41.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,379,870 shares of company stock worth $121,942,706 in the last 90 days. Insiders own 0.59% of the company’s stock.

About Best Buy

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.