Blueshift Asset Management LLC Makes New $298,000 Investment in Best Buy Co., Inc. (NYSE:BBY)

Blueshift Asset Management LLC purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,472 shares of the technology retailer's stock, valued at approximately $298,000.

Several other large investors have also recently added to or reduced their stakes in BBY. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after purchasing an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy in the 4th quarter valued at $514,483,000. Geode Capital Management LLC raised its stake in shares of Best Buy by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after acquiring an additional 459,353 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in shares of Best Buy by 17.3% during the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock valued at $137,816,000 after acquiring an additional 236,524 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

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Analyst Ratings Changes

Several research firms recently issued reports on BBY. Loop Capital reissued a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. UBS Group set a $105.00 target price on Best Buy in a report on Wednesday, March 5th. Wells Fargo & Company decreased their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Finally, Wedbush restated a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of "Hold" and an average target price of $93.50.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on 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 owns 32,320 shares of the company's stock, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 over the last ninety days. Insiders own 0.59% of the company's stock.

Best Buy Trading Up 0.2 %

NYSE:BBY traded up $0.16 during trading hours on Wednesday, hitting $74.78. 2,398,061 shares of the stock were exchanged, compared to its average volume of 2,964,176. The company's 50 day moving average is $83.01 and its two-hundred day moving average is $88.68. The company has a market capitalization of $15.81 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the firm posted $2.72 earnings per share. On average, sell-side analysts anticipate 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. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.08%. Best Buy's payout ratio is currently 88.99%.

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.