Best Buy Co., Inc. (NYSE:BBY) Holdings Lifted by Jump Financial LLC

Jump Financial LLC boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 81.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,517 shares of the technology retailer's stock after acquiring an additional 4,706 shares during the quarter. Jump Financial LLC's holdings in Best Buy were worth $902,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Best Buy during the fourth quarter worth about $514,483,000. Norges Bank purchased a new position in Best Buy during the fourth quarter worth about $178,015,000. Invesco Ltd. increased its stake in shares of Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after acquiring an additional 629,180 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after purchasing an additional 561,413 shares during the period. Finally, Nordea Investment Management AB increased its holdings in shares of Best Buy by 563.8% during the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock worth $50,643,000 after buying an additional 503,204 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BBY. Piper Sandler dropped their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Telsey Advisory Group decreased their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Evercore ISI dropped their price objective on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Finally, Guggenheim decreased their target price on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Stock Performance

Shares of Best Buy stock traded up $1.71 during trading hours on Friday, reaching $67.71. The company's stock had a trading volume of 5,171,526 shares, compared to its average volume of 3,300,808. 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 Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The company's 50 day simple moving average is $72.86 and its 200 day simple moving average is $83.20. The stock has a market cap of $14.31 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the previous year, the firm posted $2.72 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.61%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy's dividend payout ratio is 88.99%.

Insider Activity at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the company's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 in the last three months. 0.59% of the stock is owned by company 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.