Jupiter Asset Management Ltd. Takes $24.80 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Jupiter Asset Management Ltd. bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 289,053 shares of the technology retailer's stock, valued at approximately $24,801,000. Jupiter Asset Management Ltd. owned 0.14% of Best Buy as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of BBY. EverSource Wealth Advisors LLC raised its stake in shares of Best Buy by 37.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 847 shares of the technology retailer's stock worth $73,000 after buying an additional 229 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Best Buy by 44.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,888 shares of the technology retailer's stock worth $334,000 after acquiring an additional 1,195 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Best Buy by 460.3% during the fourth quarter. HighTower Advisors LLC now owns 45,406 shares of the technology retailer's stock valued at $3,896,000 after purchasing an additional 37,302 shares in the last quarter. AGF Management Ltd. purchased a new position in Best Buy during the fourth quarter valued at approximately $2,392,000. Finally, Independent Advisor Alliance boosted its holdings in Best Buy by 5.0% in the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock worth $258,000 after buying an additional 142 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $72.61 on Thursday. The firm has a market capitalization of $15.52 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 2.10 and a beta of 1.43. 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 business has a 50 day simple moving average of $84.96 and a 200-day simple moving average of $90.19. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71.

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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, 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 company 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 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.23%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio is presently 88.99%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BBY shares. UBS Group set a $105.00 price target on Best Buy in a report on Wednesday, March 5th. DA Davidson decreased their target price on Best Buy from $117.00 to $110.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Morgan Stanley dropped their price target on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Truist Financial reduced their price objective on shares of 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, Wedbush restated a "neutral" rating and set a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Two 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 given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $93.50.

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.

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