Quantbot Technologies LP Buys 36,054 Shares of Best Buy Co., Inc. (NYSE:BBY)

Quantbot Technologies LP lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 240.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,057 shares of the technology retailer’s stock after acquiring an additional 36,054 shares during the quarter. Quantbot Technologies LP’s holdings in Best Buy were worth $4,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rakuten Securities Inc. increased its holdings in 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 in the last quarter. Golden State Wealth Management LLC bought a new position in Best Buy during the fourth quarter worth $32,000. LRI Investments LLC boosted its stake in Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Best Buy in the fourth quarter worth $34,000. Finally, Trust Co. of Vermont increased its stake 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 valued at $36,000 after purchasing an additional 384 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of BBY opened at $71.56 on Friday. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a market cap of $15.30 billion, a PE ratio of 12.23, 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 $84.40 and a 200-day moving average price of $89.93.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the firm 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. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.31%. Best Buy’s payout ratio is currently 88.99%.

Insider Activity

In related news, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BBY. Piper Sandler reduced their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Evercore ISI lowered their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Barclays reduced their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Bank of America reduced their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Best Buy has a consensus rating of “Hold” and a consensus 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.