Inceptionr LLC Purchases New Shares in Best Buy Co., Inc. (NYSE:BBY)

Inceptionr LLC purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,918 shares of the technology retailer’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. increased its position in shares of Best Buy by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock valued at $25,568,000 after purchasing an additional 4,958 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Best Buy by 202.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 33,647 shares of the technology retailer’s stock valued at $3,476,000 after purchasing an additional 22,507 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Best Buy by 7.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 74,142 shares of the technology retailer’s stock valued at $7,659,000 after purchasing an additional 5,050 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Best Buy by 496.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 47,229 shares of the technology retailer’s stock valued at $4,879,000 after purchasing an additional 39,307 shares during the last quarter. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Best Buy during the 3rd quarter valued at $72,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. DA Davidson decreased their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Loop Capital reissued a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Finally, Wedbush reissued a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $93.50.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $78.90 on Tuesday. The company has a market cap of $16.87 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average price of $85.44 and a 200-day moving average price of $90.41. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate 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 last year, the company posted $2.72 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.82%. 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 dividend payout ratio (DPR) is 88.99%.

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.