NEOS Investment Management LLC Purchases 1,238 Shares of Best Buy Co., Inc. (NYSE:BBY)

NEOS Investment Management LLC lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,076 shares of the technology retailer’s stock after acquiring an additional 1,238 shares during the period. NEOS Investment Management LLC’s holdings in Best Buy were worth $521,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in BBY. Stevens Capital Management LP increased its holdings in shares of Best Buy by 228.7% in the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock worth $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new stake in shares of Best Buy during the fourth quarter valued at $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its holdings in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares in the last quarter. Alberta Investment Management Corp increased its holdings in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares in the last quarter. Finally, Merit Financial Group LLC bought a new stake in Best Buy in the 4th quarter worth about $453,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares in the company, valued at approximately $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. In the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company’s stock.

Best Buy Trading Down 3.5 %

Shares of BBY stock opened at $72.28 on Monday. 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 stock has a fifty day simple moving average of $82.51 and a two-hundred day simple moving average of $88.18. The firm has a market capitalization of $15.28 billion, a PE ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) 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 firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the business posted $2.72 earnings per share. On average, analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 5.26%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. UBS Group set a $105.00 price target on shares of Best Buy in a research note on Wednesday, March 5th. Jefferies Financial Group cut their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Guggenheim lowered their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Loop Capital reissued a “negative” rating on shares of Best Buy 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 given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $93.50.

Best Buy 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.