Bank Julius Baer & Co. Ltd Zurich Purchases Shares of 488 Best Buy Co., Inc. (NYSE:BBY)

Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, Holdings Channel.com reports. The firm bought 488 shares of the technology retailer’s stock, valued at approximately $46,000.

Other large investors also recently modified their holdings of the company. Pinnacle Financial Partners Inc acquired a new position in shares of Best Buy during the fourth quarter worth approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its position in shares of Best Buy by 48.6% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares in the last quarter. Alberta Investment Management Corp raised its stake in shares of Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of Best Buy during the fourth quarter worth approximately $453,000. Finally, TCW Group Inc. raised its stake in shares of Best Buy by 26.7% during the fourth quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock worth $34,414,000 after buying an additional 84,505 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BBY shares. Wells Fargo & Company dropped their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Bank of America dropped their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, DA Davidson lowered their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $93.50.

Best Buy Stock Down 5.1 %

Shares of BBY stock opened at $74.82 on Wednesday. The firm has a fifty day moving average of $85.23 and a 200-day moving average of $90.32. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market capitalization of $16.00 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the company posted $2.72 earnings per share. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.08%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

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.