Aspire Growth Partners LLC Invests $338,000 in Best Buy Co., Inc. (NYSE:BBY)

Aspire Growth Partners LLC acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,934 shares of the technology retailer's stock, valued at approximately $338,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AXA S.A. raised its position in shares of Best Buy by 111.3% during the 4th quarter. AXA S.A. now owns 66,868 shares of the technology retailer's stock valued at $5,737,000 after buying an additional 35,215 shares during the period. Alight Capital Management LP acquired a new stake in Best Buy during the fourth quarter worth $6,435,000. Mercer Global Advisors Inc. ADV purchased a new stake in Best Buy in the fourth quarter valued at $3,625,000. Rehmann Capital Advisory Group lifted its stake in shares of Best Buy by 4.6% in the 4th quarter. Rehmann Capital Advisory Group now owns 8,400 shares of the technology retailer's stock valued at $721,000 after purchasing an additional 367 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new position in shares of Best Buy during the 4th quarter worth $230,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the subject of several research analyst reports. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. Barclays dropped their target price on shares of 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 on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group cut their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Finally, DA Davidson restated a "buy" rating and set a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $91.28.

Best Buy Stock Performance

Best Buy stock traded down $0.88 during midday trading on Tuesday, hitting $66.78. 2,232,833 shares of the company's stock were exchanged, compared to its average volume of 3,321,785. The stock has a market cap of $14.12 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The firm's 50 day simple moving average is $69.65 and its 200 day simple moving average is $81.53. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company 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 earned $2.72 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.69%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

Insider Activity

In related news, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 9,482 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $688,867.30. Following the transaction, the chief financial officer now owns 106,856 shares of the company's stock, valued at approximately $7,763,088.40. The trade was a 8.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company's stock.

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.