USA Financial Formulas Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

USA Financial Formulas boosted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 127.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,641 shares of the technology retailer’s stock after acquiring an additional 3,163 shares during the quarter. USA Financial Formulas’ holdings in Best Buy were worth $583,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bridgewater Associates LP lifted its stake in shares of Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after purchasing an additional 50,438 shares during the period. Caxton Associates LP lifted its position in shares of Best Buy by 95.6% during the 4th quarter. Caxton Associates LP now owns 31,180 shares of the technology retailer’s stock valued at $2,441,000 after acquiring an additional 15,240 shares during the period. Redwood Investment Management LLC boosted its stake in shares of Best Buy by 5.2% during the 4th quarter. Redwood Investment Management LLC now owns 28,099 shares of the technology retailer’s stock worth $2,200,000 after acquiring an additional 1,384 shares in the last quarter. Mairs & Power Inc. grew its holdings in shares of Best Buy by 9,155.1% in the 4th quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock worth $41,658,000 after acquiring an additional 526,417 shares during the period. Finally, Shariaportfolio Inc. purchased a new position in Best Buy in the 4th quarter valued at approximately $1,148,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,379,870 shares of company stock valued at $121,942,706. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Up 0.3 %

Shares of NYSE:BBY opened at $98.64 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market cap of $21.28 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.56 and a beta of 1.46. The stock’s 50-day moving average price is $93.30 and its two-hundred day moving average price is $85.43. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the company earned $1.22 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts forecast that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Truist Financial increased their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Barclays lifted their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Wells Fargo & Company increased their price target on shares of Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Finally, Wedbush lifted their price objective on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.41.

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.