Credit Suisse AG Increases Stake in Best Buy Co., Inc. (NYSE:BBY)

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG increased its position in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 8.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 503,839 shares of the technology retailer’s stock after buying an additional 41,098 shares during the period. Credit Suisse AG owned about 0.23% of Best Buy worth $39,435,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Best Buy by 7.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,476,302 shares of the technology retailer’s stock valued at $599,675,000 after buying an additional 530,795 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 11.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,524,178 shares of the technology retailer’s stock valued at $362,884,000 after purchasing an additional 449,408 shares during the last quarter. Northern Trust Corp grew its stake in Best Buy by 4.8% in the first quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock valued at $333,796,000 after purchasing an additional 168,940 shares during the last quarter. Morgan Stanley grew its stake in Best Buy by 15.6% in the fourth quarter. Morgan Stanley now owns 2,979,589 shares of the technology retailer’s stock valued at $238,993,000 after purchasing an additional 402,934 shares during the last quarter. Finally, Amundi grew its stake in Best Buy by 1.9% in the fourth quarter. Amundi now owns 2,953,773 shares of the technology retailer’s stock valued at $242,926,000 after purchasing an additional 54,041 shares during the last quarter. Hedge funds and other institutional investors own 77.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BBY. Truist Financial cut their target price on Best Buy from $88.00 to $77.00 and set a “buy” rating on the stock in a research note on Friday, May 26th. 58.com reissued a “maintains” rating on shares of Best Buy in a report on Thursday, May 11th. SpectralCast reissued a “maintains” rating on shares of Best Buy in a report on Friday, May 26th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, DA Davidson lowered their price target on Best Buy from $96.00 to $87.00 and set a “buy” rating for the company in a report on Friday, May 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $79.07.

View Our Latest Report on BBY

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Damien Harmon sold 749 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.82, for a total value of $53,793.18. Following the completion of the transaction, the executive vice president now directly owns 42,599 shares of the company’s stock, valued at $3,059,460.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Richard M. Schulze sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $85.24, for a total value of $8,524,000.00. Following the completion of the sale, the chairman now directly owns 349,448 shares in the company, valued at $29,786,947.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Damien Harmon sold 749 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.82, for a total value of $53,793.18. Following the completion of the sale, the executive vice president now owns 42,599 shares of the company’s stock, valued at $3,059,460.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 408,034 shares of company stock valued at $33,741,133. 0.56% of the stock is owned by company insiders.

Best Buy Trading Up 0.3 %

Best Buy stock opened at $78.86 on Tuesday. The company has a quick ratio of 0.32, a current ratio of 0.98 and a debt-to-equity ratio of 0.41. Best Buy Co., Inc. has a 52 week low of $60.78 and a 52 week high of $93.32. The company has a market capitalization of $17.21 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 2.13 and a beta of 1.53. The stock has a 50-day moving average price of $80.88 and a 200 day moving average price of $78.30.

Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Best Buy had a return on equity of 51.95% and a net margin of 2.93%. The company had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same period in the previous year, the company posted $1.57 earnings per share. Best Buy’s revenue for the quarter was down 11.1% on a year-over-year basis. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.01 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date was Wednesday, June 14th. Best Buy’s payout ratio is presently 62.27%.

About Best Buy

(Free Report)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.