Quantbot Technologies LP Increases Holdings in Best Buy Co., Inc. (NYSE:BBY)

Quantbot Technologies LP raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 240.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,057 shares of the technology retailer’s stock after purchasing an additional 36,054 shares during the period. Quantbot Technologies LP’s holdings in Best Buy were worth $4,381,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Millstone Evans Group LLC bought a new position in Best Buy in the fourth quarter worth about $79,000. 1620 Investment Advisors Inc. boosted its position in shares of Best Buy by 2.9% during the fourth quarter. 1620 Investment Advisors Inc. now owns 6,302 shares of the technology retailer’s stock valued at $541,000 after purchasing an additional 176 shares in the last quarter. Kiker Wealth Management LLC purchased a new stake in Best Buy in the fourth quarter worth $405,000. Blueshift Asset Management LLC bought a new position in Best Buy in the fourth quarter worth $298,000. Finally, iA Global Asset Management Inc. boosted its holdings in shares of Best Buy by 539.3% during the 4th quarter. iA Global Asset Management Inc. now owns 23,379 shares of the technology retailer’s stock valued at $2,006,000 after buying an additional 19,722 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 1.8 %

BBY opened at $71.56 on Friday. The stock has a market cap of $15.30 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm’s fifty day moving average is $84.40 and its 200 day moving average is $89.93. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company posted $2.72 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.31%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is 88.99%.

Insider Buying and Selling

In related news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.59% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent research reports. Telsey Advisory Group lowered their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Loop Capital restated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Barclays lowered their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Truist Financial cut their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” 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 assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average price target of $93.50.

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.