Stevens Capital Management LP Raises Stake in Best Buy Co., Inc. (NYSE:BBY)

Stevens Capital Management LP grew its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 228.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,625 shares of the technology retailer's stock after purchasing an additional 15,741 shares during the quarter. Best Buy comprises approximately 0.8% of Stevens Capital Management LP's investment portfolio, making the stock its 26th biggest holding. Stevens Capital Management LP's holdings in Best Buy were worth $1,941,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. LPL Financial LLC increased its position in Best Buy by 26.9% during the 4th quarter. LPL Financial LLC now owns 117,075 shares of the technology retailer's stock valued at $10,045,000 after buying an additional 24,785 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Best Buy during the fourth quarter worth about $10,644,000. Sei Investments Co. increased its holdings in shares of Best Buy by 52.4% during the fourth quarter. Sei Investments Co. now owns 84,709 shares of the technology retailer's stock valued at $7,267,000 after acquiring an additional 29,141 shares in the last quarter. American Century Companies Inc. raised its position in shares of Best Buy by 56.7% in the 4th quarter. American Century Companies Inc. now owns 535,958 shares of the technology retailer's stock valued at $45,985,000 after purchasing an additional 193,830 shares during the last quarter. Finally, Mizuho Securities USA LLC grew its position in Best Buy by 45.5% during the 4th quarter. Mizuho Securities USA LLC now owns 18,519 shares of the technology retailer's stock worth $1,589,000 after purchasing an additional 5,790 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Best Buy Price Performance

NYSE BBY traded up $0.06 during mid-day trading on Thursday, hitting $74.89. The stock had a trading volume of 2,327,389 shares, compared to its average volume of 2,961,511. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month 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 firm's 50 day moving average is $82.70 and its 200 day moving average is $88.48. The stock 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.

Best Buy (NYSE:BBY - Get Free Report) last issued 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 return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the company earned $2.72 EPS. Equities research analysts forecast 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 declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.07%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. DA Davidson decreased their price target on shares of Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. UBS Group set a $105.00 price target on Best Buy in a research report on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Finally, Bank of America cut their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued 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 currently has a consensus rating of "Hold" and a consensus price target of $93.50.

Insider Activity at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 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 $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the 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 transaction, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company's stock.

Best Buy Company 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.