Sei Investments Co. Raises Position in Best Buy Co., Inc. (NYSE:BBY)

Sei Investments Co. increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 52.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,709 shares of the technology retailer's stock after buying an additional 29,141 shares during the quarter. Sei Investments Co.'s holdings in Best Buy were worth $7,267,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Best Buy during the 4th quarter worth approximately $514,483,000. Geode Capital Management LLC lifted its stake in Best Buy by 2.5% during 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 acquiring an additional 120,185 shares during the period. Bank of New York Mellon Corp boosted its holdings 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 acquiring an additional 459,353 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Best Buy by 17.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock worth $137,816,000 after acquiring an additional 236,524 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

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Best Buy Price Performance

Shares of BBY traded down $1.94 during trading hours on Friday, hitting $60.28. 8,428,641 shares of the stock were exchanged, compared to its average volume of 3,120,081. The stock's 50-day moving average price is $81.02 and its two-hundred day moving average price is $87.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a 12-month low of $57.34 and a 12-month high of $103.71.

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

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 6.30%. Best Buy's dividend payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. 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 report on Wednesday, March 5th. Evercore ISI lowered their target price on 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. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Bank of America dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Finally, Barclays decreased their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $92.22.

Insider Buying and Selling

In other news, CEO Corie S. Barry bought 13,500 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company's stock.

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.