Blueshift Asset Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Blueshift Asset Management LLC acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, Holdings Channel.com reports. The fund acquired 3,472 shares of the technology retailer’s stock, valued at approximately $298,000.

Other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Best Buy in the 4th quarter worth $514,483,000. Geode Capital Management LLC increased its holdings in Best Buy by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of Best Buy by 17.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer’s stock valued at $137,816,000 after purchasing an additional 236,524 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BBY. Telsey Advisory Group reduced their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Truist Financial reduced their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Finally, Wedbush reiterated a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $93.50.

Best Buy Price Performance

Shares of NYSE BBY opened at $73.63 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a market cap of $15.74 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The business’s 50 day moving average price is $83.34 and its two-hundred day moving average price is $89.17. 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 (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the business earned $2.72 EPS. On average, analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. Best Buy’s payout ratio is presently 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.