USA Financial Formulas Has $589,000 Stake in Best Buy Co., Inc. (NYSE:BBY)

USA Financial Formulas raised its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 21.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 6,861 shares of the technology retailer’s stock after acquiring an additional 1,220 shares during the period. USA Financial Formulas’ holdings in Best Buy were worth $589,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in Best Buy by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after buying an additional 241,988 shares during the period. Geode Capital Management LLC increased its holdings in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after purchasing an additional 120,185 shares during the period. Raymond James & Associates lifted its position in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after purchasing an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after purchasing an additional 235,478 shares during the period. Finally, Eagle Asset Management Inc. grew its position in Best Buy by 3.3% during the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer’s stock valued at $143,396,000 after purchasing an additional 44,693 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. DA Davidson reiterated a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Melius Research started coverage on Best Buy in a report on Monday, September 23rd. They set a “hold” rating and a $100.00 price objective for the company. Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Loop Capital reiterated a “buy” rating and set a $100.00 price target on shares of Best Buy in a report on Wednesday, December 18th. Finally, StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.72.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Stock Up 0.4 %

Best Buy stock opened at $83.12 on Thursday. The firm has a market cap of $17.77 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 2.19 and a beta of 1.43. The firm has a fifty day moving average price of $87.60 and a two-hundred day moving average price of $90.20. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. 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 (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the previous year, the company earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.52%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.

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.