Quantbot Technologies LP Has $4.38 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Quantbot Technologies LP increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 240.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,057 shares of the technology retailer's stock after purchasing an additional 36,054 shares during the quarter. Quantbot Technologies LP's holdings in Best Buy were worth $4,381,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BBY. Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Best Buy during the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC boosted its holdings in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock valued at $499,954,000 after purchasing an additional 120,185 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after purchasing an additional 459,353 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in shares of Best Buy by 17.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock worth $137,816,000 after buying 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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Best Buy Trading Up 1.0 %

Shares of BBY traded up $0.73 on Wednesday, reaching $73.86. 2,489,029 shares of the company's stock were exchanged, compared to its average volume of 2,978,174. The business has a 50 day moving average price of $83.96 and a two-hundred day moving average price of $89.58. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The stock has a market capitalization of $15.79 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.14%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of Best Buy 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 transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on BBY shares. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Telsey Advisory Group dropped their target price on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Barclays reduced their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 9th. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Citigroup reduced their target price on Best Buy from $105.00 to $93.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $93.50.

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.