Xponance Inc. Purchases 10,590 Shares of Best Buy Co., Inc. (NYSE:BBY)

Xponance Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,294 shares of the technology retailer's stock after buying an additional 10,590 shares during the quarter. Xponance Inc.'s holdings in Best Buy were worth $3,457,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Intech Investment Management LLC bought a new stake in shares of Best Buy during the 4th quarter worth about $1,478,000. Generali Asset Management SPA SGR bought a new stake in Best Buy during the fourth quarter worth approximately $3,126,000. Thrivent Financial for Lutherans raised its holdings in Best Buy by 7.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,246,904 shares of the technology retailer's stock worth $106,984,000 after purchasing an additional 86,290 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in Best Buy in the fourth quarter worth approximately $81,000. Finally, Cibc World Markets Corp boosted its stake in Best Buy by 14.9% during the 4th quarter. Cibc World Markets Corp now owns 31,227 shares of the technology retailer's stock valued at $2,679,000 after purchasing an additional 4,053 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction 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 sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.59% of the company's stock.

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Best Buy Stock Down 1.4 %

BBY traded down $1.04 on Tuesday, reaching $74.63. 2,310,782 shares of the company traded hands, compared to its average volume of 2,969,008. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-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. The company has a market cap of $15.77 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 2.10 and a beta of 1.43. The stock's 50 day moving average price is $83.17 and its 200-day moving average price is $88.84.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for 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 prior year, the business posted $2.72 earnings per share. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.09%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is currently 88.99%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BBY. DA Davidson cut their price objective on Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Morgan Stanley cut their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, UBS Group set a $105.00 price target on Best Buy 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 given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.