Best Buy Co., Inc. (NYSE:BBY) Stock Position Raised by Stevens Capital Management LP

Stevens Capital Management LP lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 228.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,625 shares of the technology retailer’s stock after buying an additional 15,741 shares during the period. Best Buy accounts for approximately 0.8% of Stevens Capital Management LP’s holdings, making the stock its 26th biggest position. Stevens Capital Management LP’s holdings in Best Buy were worth $1,941,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Pinnacle Financial Partners Inc bought a new position in Best Buy in the 4th quarter worth about $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its position in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares during the last quarter. Alberta Investment Management Corp lifted its stake in shares of Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after acquiring an additional 21,200 shares during the period. Merit Financial Group LLC acquired a new stake in shares of Best Buy in the 4th quarter worth approximately $453,000. Finally, TCW Group Inc. lifted its stake in shares of Best Buy by 26.7% in the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock worth $34,414,000 after acquiring an additional 84,505 shares during the period. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup reduced their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Piper Sandler reduced their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. DA Davidson reduced their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Loop Capital reissued a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Evercore ISI cut their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $93.50.

Insider Transactions at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Up 0.2 %

Best Buy stock opened at $73.63 on Friday. The firm has a market cap of $15.74 billion, a PE ratio of 12.59, a P/E/G 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 50 day moving average price is $83.34 and its two-hundred day moving average price is $89.09. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month 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, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the business earned $2.72 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS 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 paid a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. Best Buy’s dividend payout ratio 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.