Adage Capital Partners GP L.L.C. Has $11.89 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Adage Capital Partners GP L.L.C. lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,600 shares of the technology retailer's stock after buying an additional 43,600 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.06% of Best Buy worth $11,892,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of BBY. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing 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 about $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 purchasing an additional 243 shares in the last quarter. OFI Invest Asset Management acquired a new position in Best Buy in the 4th quarter worth about $34,000. Finally, Trust Co. of Vermont increased its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of BBY stock opened at $67.71 on Monday. The firm has a market capitalization of $14.31 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The firm has a fifty day simple moving average of $72.39 and a two-hundred day simple moving average of $82.78. 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 Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the business posted $2.72 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.61%. Best Buy's dividend payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BBY shares. Barclays lowered their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. Truist Financial decreased their price target on Best Buy from $81.00 to $64.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Bank of America decreased their price target on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Wednesday, March 5th. Wedbush reissued a "neutral" rating and issued a $90.00 price target on shares of Best Buy in a research note on Monday, March 3rd. Finally, Loop Capital reissued a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $91.28.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.

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.

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