Crestline Management LP Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Crestline Management LP bought a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 21,236 shares of the technology retailer's stock, valued at approximately $1,822,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cetera Investment Advisers raised its stake in shares of Best Buy by 22.4% during the fourth quarter. Cetera Investment Advisers now owns 71,058 shares of the technology retailer's stock valued at $6,097,000 after acquiring an additional 13,025 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of Best Buy during the 4th quarter valued at approximately $326,000. Brown Advisory Inc. boosted its stake in shares of Best Buy by 3.0% during the 4th quarter. Brown Advisory Inc. now owns 282,396 shares of the technology retailer's stock worth $24,230,000 after acquiring an additional 8,177 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Best Buy by 3.5% in the fourth quarter. Baird Financial Group Inc. now owns 51,413 shares of the technology retailer's stock valued at $4,411,000 after buying an additional 1,735 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its position in Best Buy by 8.6% during the fourth quarter. Benjamin Edwards Inc. now owns 83,441 shares of the technology retailer's stock worth $7,159,000 after acquiring an additional 6,625 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 6.5%

Shares of BBY traded up $4.50 during trading hours on Monday, hitting $73.35. The stock had a trading volume of 5,017,258 shares, compared to its average volume of 3,343,338. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The firm has a 50 day simple moving average of $68.31 and a 200-day simple moving average of $80.82. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market capitalization of $15.53 billion, a P/E ratio of 12.54, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the firm earned $2.72 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.18%. Best Buy's payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BBY shares. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, March 5th. Piper Sandler dropped their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Truist Financial decreased their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. DA Davidson reiterated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Finally, KeyCorp restated a "sector weight" 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 assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and a consensus target price of $91.28.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction 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 represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction 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 sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This trade represents a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock valued at $5,767,213 over the last three months. Company insiders own 0.47% 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.