Numerai GP LLC Buys Shares of 26,551 Best Buy Co., Inc. (NYSE:BBY)

Numerai GP LLC bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,551 shares of the technology retailer's stock, valued at approximately $2,278,000.

Other large investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. increased its holdings in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Best Buy in the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. increased its holdings in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after buying an additional 243 shares during the period. Ancora Advisors LLC increased its holdings in Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after buying an additional 374 shares during the period. Finally, OFI Invest Asset Management acquired a new position in Best Buy in the 4th quarter worth approximately $34,000. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BBY has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on Best Buy from $85.00 to $75.00 and set an "equal weight" rating on the stock in a research report on Monday. DA Davidson restated a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Wedbush reiterated a "neutral" rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Jefferies Financial Group lowered their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Finally, Piper Sandler lowered their price target on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $90.72.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,951 shares of the firm's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the sale, the chief accounting officer now owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is owned by insiders.

Best Buy Stock Down 2.5%

BBY stock traded down $1.88 during trading on Monday, hitting $71.92. 762,529 shares of the company's stock were exchanged, compared to its average volume of 3,346,571. The business has a 50-day moving average price of $67.90 and a two-hundred day moving average price of $80.21. The stock has a market capitalization of $15.23 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. 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 posted 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. The firm had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the previous year, the business earned $2.72 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were paid a $0.95 dividend. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.28%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

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.