Blueshift Asset Management LLC Takes $298,000 Position in Best Buy Co., Inc. (NYSE:BBY)

Blueshift Asset Management LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,472 shares of the technology retailer’s stock, valued at approximately $298,000.

A number of other institutional investors have also recently bought and sold shares of the business. Pathstone Holdings LLC increased its stake in Best Buy by 2.7% in the third quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock valued at $3,511,000 after acquiring an additional 899 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Best Buy by 7.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer’s stock valued at $3,739,000 after purchasing an additional 2,548 shares during the period. Ontario Teachers Pension Plan Board acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $358,000. Citizens Financial Group Inc. RI bought a new position in shares of Best Buy during the 3rd quarter worth approximately $223,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Best Buy by 330.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 170,155 shares of the technology retailer’s stock valued at $17,577,000 after buying an additional 130,608 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Up 0.2 %

Shares of NYSE BBY opened at $73.63 on Friday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm’s 50-day moving average is $83.34 and its 200-day moving average is $89.17. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm has a market capitalization 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.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm earned $2.72 earnings per share. Equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

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

Analysts Set New Price Targets

A number of research analysts have issued reports on BBY shares. Bank of America cut their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. UBS Group set a $105.00 price objective on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim cut their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler decreased their price target on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Two equities research 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. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $93.50.

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.