Stone Ridge Asset Management LLC bought a new position in shares of Best Buy Co Inc (NYSE:BBY) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 148,076 shares of the technology retailer’s stock, valued at approximately $10,138,000. Best Buy makes up approximately 0.7% of Stone Ridge Asset Management LLC’s portfolio, making the stock its 16th biggest position.
Other hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Best Buy by 232.8% in the 4th quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock valued at $139,000 after buying an additional 1,420 shares in the last quarter. Fieldpoint Private Securities LLC purchased a new position in Best Buy in the 3rd quarter valued at about $139,000. Squar Milner Financial Services LLC purchased a new position in Best Buy in the 4th quarter valued at about $201,000. Harbour Capital Advisors LLC purchased a new position in Best Buy in the 4th quarter valued at about $205,000. Finally, Tower Research Capital LLC TRC lifted its stake in Best Buy by 53,583.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,221 shares of the technology retailer’s stock valued at $220,000 after buying an additional 3,215 shares in the last quarter. 84.44% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on BBY. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a research note on Thursday, November 16th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $74.00 price target (up from $66.00) on shares of Best Buy in a research note on Friday, March 2nd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $76.00 price target (up from $74.00) on shares of Best Buy in a research note on Friday, March 2nd. Barclays raised their price target on shares of Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $74.00 price target (up from $69.00) on shares of Best Buy in a research note on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $69.25.
Best Buy Co Inc (NYSE BBY) opened at $73.82 on Friday. The company has a quick ratio of 0.59, a current ratio of 1.26 and a debt-to-equity ratio of 0.22. Best Buy Co Inc has a 12 month low of $43.72 and a 12 month high of $78.59. The firm has a market cap of $21,579.58, a P/E ratio of 22.51, a price-to-earnings-growth ratio of 1.02 and a beta of 1.09.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, March 1st. The technology retailer reported $2.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.37. The business had revenue of $15.36 billion during the quarter, compared to the consensus estimate of $14.52 billion. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 EPS. sell-side analysts predict that Best Buy Co Inc will post 4.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 22nd will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, March 21st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.44%. This is an increase from Best Buy’s previous quarterly dividend of $0.34. Best Buy’s dividend payout ratio (DPR) is currently 41.46%.
In other news, Director Gerard R. Vittecoq sold 23,684 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $74.12, for a total transaction of $1,755,458.08. Following the completion of the sale, the director now owns 40,128 shares in the company, valued at approximately $2,974,287.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $65.19, for a total transaction of $4,889,250.00. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $112,941,675. The disclosure for this sale can be found here. Insiders have sold a total of 549,674 shares of company stock valued at $36,256,646 in the last 90 days. Insiders own 1.21% of the company’s stock.
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About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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