Stevens Capital Management LP Purchases 15,741 Shares of Best Buy Co., Inc. (NYSE:BBY)

Stevens Capital Management LP increased its position in Best Buy Co., Inc. (NYSE:BBY) by 228.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 22,625 shares of the technology retailer’s stock after buying an additional 15,741 shares during the period. Best Buy accounts for about 0.8% of Stevens Capital Management LP’s investment portfolio, making the stock its 26th largest holding. Stevens Capital Management LP’s holdings in Best Buy were worth $1,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of BBY. Raymond James Financial Inc. acquired a new stake in Best Buy in the 4th quarter worth $514,483,000. Nordea Investment Management AB grew its position 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 worth $50,643,000 after purchasing an additional 503,204 shares during the last quarter. National Bank of Canada FI grew its position in Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after purchasing an additional 479,256 shares during the last quarter. Bank of New York Mellon Corp grew its position in 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 worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. Finally, 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. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BBY shares. Bank of America decreased their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Guggenheim decreased their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. UBS Group set a $105.00 target price on shares of Best Buy in a research report on Wednesday, March 5th. Finally, Truist Financial decreased their target price 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $93.50.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by insiders.

Best Buy Trading Up 0.2 %

Shares of NYSE BBY opened at $73.63 on Friday. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a market cap of $15.74 billion, a PE ratio of 12.59, a P/E/G 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. The company has a 50-day moving average of $83.34 and a two-hundred day moving average of $89.09.

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

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. 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 payout ratio is 88.99%.

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.