Arrowstreet Capital Limited Partnership Purchases 561,413 Shares of Best Buy Co., Inc. (NYSE:BBY)

Arrowstreet Capital Limited Partnership raised its position in Best Buy Co., Inc. (NYSE:BBY) by 101.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 owned 0.52% of Best Buy worth $95,661,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. increased its position in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the 4th quarter worth $32,000. LRI Investments LLC raised its position in shares of 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 buying an additional 335 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Best Buy during the 4th quarter worth $34,000. Finally, Trust Co. of Vermont grew its position in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after acquiring an additional 384 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $73.73 on Tuesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $82.34 and its 200 day simple moving average is $88.01. The stock has a market cap of $15.58 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. 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 announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) 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 company had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the company earned $2.72 earnings per share. As a group, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current 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 paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares of the company’s stock, valued at $1,552,603.15. This trade represents a 12.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the business’s stock in a transaction dated 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 in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last ninety days. 0.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the subject of several research analyst reports. Citigroup dropped their price target on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. DA Davidson dropped 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. Bank of America reduced their price target on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI lowered their price objective on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Finally, Truist Financial decreased their target price 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 investment analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.