Koch Industries Inc. purchased a new position in shares of Best Buy (NYSE:BBY) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,447 shares of the technology retailer’s stock, valued at approximately $236,000.
Several other hedge funds and other institutional investors also recently modified their holdings of BBY. Bank of New York Mellon Corp lifted its holdings in Best Buy by 31.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock valued at $361,491,000 after acquiring an additional 1,264,528 shares during the period. APG Asset Management N.V. lifted its holdings in Best Buy by 7.5% in the fourth quarter. APG Asset Management N.V. now owns 3,590,588 shares of the technology retailer’s stock valued at $204,736,000 after acquiring an additional 250,300 shares during the period. LSV Asset Management lifted its holdings in Best Buy by 7.2% in the fourth quarter. LSV Asset Management now owns 2,347,893 shares of the technology retailer’s stock valued at $160,760,000 after acquiring an additional 156,800 shares during the period. Allianz Asset Management GmbH lifted its holdings in Best Buy by 13.8% in the fourth quarter. Allianz Asset Management GmbH now owns 2,130,632 shares of the technology retailer’s stock valued at $145,884,000 after acquiring an additional 258,020 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Best Buy by 23.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,121,494 shares of the technology retailer’s stock valued at $145,259,000 after acquiring an additional 397,083 shares during the period. 85.11% of the stock is owned by hedge funds and other institutional investors.
BBY has been the subject of a number of recent analyst reports. Wedbush set a $38.00 target price on Best Buy and gave the company a “sell” rating in a report on Monday, January 8th. Loop Capital set a $80.00 target price on Best Buy and gave the company a “buy” rating in a report on Tuesday, January 16th. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and raised their target price for the company from $62.00 to $81.00 in a report on Thursday, January 25th. They noted that the move was a valuation call. Barclays raised their price target on Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, January 30th. Finally, ValuEngine upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.88.
In other news, insider Patricia H. Walker sold 1,569 shares of Best Buy stock in a transaction dated Monday, March 19th. The stock was sold at an average price of $68.72, for a total value of $107,821.68. Following the transaction, the insider now directly owns 35,552 shares of the company’s stock, valued at approximately $2,443,133.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Corie S. Barry sold 399 shares of Best Buy stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total value of $28,907.55. Following the completion of the transaction, the chief financial officer now directly owns 81,206 shares in the company, valued at $5,883,374.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 356,785 shares of company stock worth $24,999,914. 1.21% of the stock is owned by corporate insiders.
Best Buy stock opened at $70.49 on Monday. The stock has a market cap of $20,606.13, a P/E ratio of 15.95, a P/E/G ratio of 0.97 and a beta of 0.94. Best Buy has a 52 week low of $47.68 and a 52 week high of $78.59. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.26 and a quick ratio of 0.59.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, March 1st. The technology retailer reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.37. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The firm had revenue of $15.36 billion during the quarter, compared to analysts’ expectations of $14.52 billion. During the same quarter last year, the business posted $1.93 EPS. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. sell-side analysts forecast that Best Buy will post 4.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.55%. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Wednesday, March 21st. Best Buy’s dividend payout ratio (DPR) is presently 40.72%.
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Best Buy Profile
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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