Arrowstreet Capital Limited Partnership Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

Arrowstreet Capital Limited Partnership boosted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 101.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,114,928 shares of the technology retailer’s stock after purchasing an additional 561,413 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Best Buy were worth $95,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BBY. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy during the fourth quarter valued at $32,000. OFI Invest Asset Management bought a new stake in Best Buy in the 4th quarter worth about $34,000. Trust Co. of Vermont raised its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the last quarter. Finally, LRI Investments LLC lifted its stake in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after acquiring an additional 335 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Up 1.8 %

BBY stock opened at $73.73 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The business has a 50 day simple moving average of $82.34 and a two-hundred day simple moving average of $88.01. The company has a market capitalization of $15.58 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its earnings results 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 net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business earned $2.72 earnings per share. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company 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 5.15%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s payout ratio is 88.99%.

Insider Buying and Selling

In other news, insider Todd G. Hartman sold 4,893 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 6,847 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $497,434.55. Following the completion of the transaction, the executive vice president now directly owns 87,389 shares of the company’s stock, valued at approximately $6,348,810.85. This trade represents a 7.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research analyst reports. UBS Group set a $105.00 price target on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim decreased 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. Evercore ISI lowered their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a report on Wednesday, March 5th. Piper Sandler cut their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Finally, Wedbush reissued a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $93.50.

Best Buy 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.