Virtu Financial LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Virtu Financial LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 5,324 shares of the technology retailer's stock, valued at approximately $457,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $514,483,000. Nordea Investment Management AB raised its stake in Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer's stock valued at $50,643,000 after acquiring an additional 503,204 shares during the period. National Bank of Canada FI lifted its holdings in Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer's stock valued at $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 valued at $562,880,000 after purchasing an additional 395,415 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several analysts recently commented on BBY shares. Barclays reduced 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 report on Thursday, January 9th. Piper Sandler reduced their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Loop Capital reaffirmed a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Two equities research 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 company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $93.50.

Best Buy Price Performance

Shares of BBY stock traded down $2.59 during trading hours on Friday, reaching $72.28. The company's stock had a trading volume of 2,547,536 shares, compared to its average volume of 3,050,896. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm's 50 day simple moving average is $82.51 and its 200-day simple moving average is $88.18. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $2.72 earnings per share. Sell-side analysts forecast 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 given a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Insiders Place Their Bets

In other Best Buy news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Todd G. Hartman sold 4,893 shares of the firm's stock in a transaction on Friday, March 21st. The shares were 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 $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by 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.