Nemes Rush Group LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Nemes Rush Group LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 13.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,392 shares of the technology retailer's stock after purchasing an additional 13,879 shares during the quarter. Best Buy comprises about 1.3% of Nemes Rush Group LLC's investment portfolio, making the stock its 28th largest holding. Nemes Rush Group LLC owned about 0.06% of Best Buy worth $10,158,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rakuten Securities Inc. boosted its stake in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Best Buy in the fourth quarter worth $32,000. OFI Invest Asset Management bought a new position in shares of Best Buy during the fourth quarter worth $34,000. Trust Co. of Vermont grew its holdings in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after buying an additional 384 shares during the period. Finally, LRI Investments LLC increased its position in shares of Best Buy by 632.1% in 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. Institutional investors own 80.96% of the company's stock.

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Best Buy Stock Performance

Shares of BBY stock traded up $1.40 on Wednesday, hitting $75.77. The company's stock had a trading volume of 2,141,420 shares, compared to its average volume of 3,055,185. Best Buy Co., Inc. has a fifty-two week low of $68.56 and a fifty-two week high of $103.71. The company has a market capitalization of $16.02 billion, a PE ratio of 12.95, a PEG ratio of 2.10 and a beta of 1.43. The stock's 50 day moving average is $81.98 and its 200-day moving average is $87.76. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the business posted $2.72 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share 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. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.02%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research reports. Bank of America lowered their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Piper Sandler reduced their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Finally, Guggenheim decreased their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $93.50.

Insider Activity at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the 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 directly owns 19,218 shares of the company's stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last three months. 0.59% of the stock is owned by insiders.

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.