Entropy Technologies LP Sells 12,072 Shares of Best Buy Co., Inc. (NYSE:BBY)

Entropy Technologies LP reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 61.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,687 shares of the technology retailer's stock after selling 12,072 shares during the quarter. Entropy Technologies LP's holdings in Best Buy were worth $660,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in shares of Best Buy during the fourth quarter worth approximately $32,000. Trust Co. of Vermont increased its position in Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of Best Buy during the third quarter worth $40,000. LRI Investments LLC boosted its position in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after acquiring an additional 335 shares during the period. Finally, Brooklyn Investment Group acquired a new position in shares of Best Buy in the third quarter valued at about $44,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Price Performance

BBY traded up $1.99 on Friday, reaching $91.16. The stock had a trading volume of 2,721,195 shares, compared to its average volume of 2,279,853. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a 50-day moving average of $85.76 and a 200-day moving average of $90.07.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter last year, the business earned $1.29 EPS. The firm's quarterly revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 dividend on an annualized basis and a yield of 4.12%. Best Buy's payout ratio is 64.27%.

Insider Buying and Selling

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a report on Friday, November 22nd. Loop Capital reissued a "buy" rating and set a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. Truist Financial cut their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research report on Wednesday, November 27th. Wells Fargo & Company reduced their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Wednesday, November 27th. Finally, Barclays dropped their price target 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $101.72.

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.