AXQ Capital LP Decreases Holdings in Best Buy Co., Inc. (NYSE:BBY)

AXQ Capital LP trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 53.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,778 shares of the technology retailer's stock after selling 6,731 shares during the period. AXQ Capital LP's holdings in Best Buy were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the company. Pathstone Holdings LLC grew its position in shares of Best Buy by 2.7% in the third quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer's stock valued at $3,511,000 after purchasing an additional 899 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Best Buy by 7.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer's stock valued at $3,739,000 after buying an additional 2,548 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new position in Best Buy during the 3rd quarter valued at about $358,000. Citizens Financial Group Inc. RI bought a new stake in shares of Best Buy during the third quarter valued at about $223,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Best Buy by 330.3% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 170,155 shares of the technology retailer's stock worth $17,577,000 after buying an additional 130,608 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 0.1 %

BBY traded up $0.06 during midday trading on Thursday, reaching $74.89. The company's stock had a trading volume of 2,327,389 shares, compared to its average volume of 2,965,277. The stock's 50-day moving average is $82.84 and its 200-day moving average is $88.58. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a market capitalization of $15.83 billion, a price-to-earnings ratio of 12.80, a PEG 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.

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Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the company earned $2.72 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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. This represents a $3.80 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BBY. DA Davidson decreased their target price on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on shares of Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Finally, Barclays dropped their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has an average rating of "Hold" and a consensus target price of $93.50.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Corie S. Barry bought 13,500 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. Corporate insiders own 0.59% of the company's stock.

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.