Alight Capital Management LP Purchases New Stake in Best Buy Co., Inc. (NYSE:BBY)

Alight Capital Management LP bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 75,000 shares of the technology retailer's stock, valued at approximately $6,435,000. Best Buy makes up about 2.1% of Alight Capital Management LP's portfolio, making the stock its 16th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Best Buy during the 4th quarter worth $514,483,000. Geode Capital Management LLC increased its position in Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after buying an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after buying an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their position. The transaction 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 stock in a transaction that occurred 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 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. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last quarter. Corporate insiders own 0.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BBY. Piper Sandler dropped their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Truist Financial cut their price target on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Wedbush reaffirmed a "neutral" rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Bank of America dropped their price objective on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Finally, Barclays reduced their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and an average target price of $91.28.

Best Buy Stock Performance

Shares of BBY traded up $1.01 during trading hours on Friday, hitting $68.05. The stock had a trading volume of 3,315,467 shares, compared to its average volume of 3,325,997. The firm has a market capitalization of $14.38 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 2.10 and a beta of 1.27. 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 firm has a 50-day moving average price of $70.11 and a 200 day moving average price of $81.73. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data 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. 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 the consensus estimate of $13.69 billion. During the same quarter in the prior year, the firm posted $2.72 earnings per share. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.58%. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy's dividend payout ratio is presently 88.99%.

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.