Woodline Partners LP Buys New Position in Best Buy Co., Inc. (NYSE:BBY)

Woodline Partners LP acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 11,735 shares of the technology retailer's stock, valued at approximately $1,007,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vident Advisory LLC raised its stake in Best Buy by 165.4% in the 4th quarter. Vident Advisory LLC now owns 51,876 shares of the technology retailer's stock valued at $4,451,000 after acquiring an additional 32,329 shares during the period. WBI Investments LLC grew its holdings in Best Buy by 127.1% during the 4th quarter. WBI Investments LLC now owns 37,563 shares of the technology retailer's stock valued at $3,223,000 after buying an additional 21,020 shares in the last quarter. Two Sigma Investments LP grew its holdings in Best Buy by 2.8% during the 4th quarter. Two Sigma Investments LP now owns 19,632 shares of the technology retailer's stock valued at $1,684,000 after buying an additional 532 shares in the last quarter. Tidal Investments LLC grew its holdings in Best Buy by 2.1% during the 4th quarter. Tidal Investments LLC now owns 22,673 shares of the technology retailer's stock valued at $1,945,000 after buying an additional 463 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in Best Buy by 3.3% during the 4th quarter. Toronto Dominion Bank now owns 105,713 shares of the technology retailer's stock valued at $9,070,000 after buying an additional 3,421 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

NYSE:BBY traded down $0.07 during mid-day trading on Friday, reaching $66.25. The stock had a trading volume of 6,438,698 shares, compared to its average volume of 3,346,222. The firm has a 50 day moving average price of $67.25 and a two-hundred day moving average price of $78.85. The stock has a market capitalization of $14.02 billion, a P/E ratio of 11.32, a P/E/G ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. 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 Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.74%. Best Buy's payout ratio is 88.99%.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was 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 owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 6,847 shares of the business's 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 $497,434.55. Following the completion of the sale, the executive vice president now owns 87,389 shares of the company's stock, valued at $6,348,810.85. The trade was a 7.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock worth $5,767,213 in the last quarter. 0.47% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Guggenheim reaffirmed a "buy" rating and set a $90.00 target price on shares of Best Buy in a report on Friday. Jefferies Financial Group reduced their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Piper Sandler reduced their target price on Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a report on Friday. UBS Group reduced their target price on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. reduced their target price on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Best Buy has a consensus rating of "Hold" and an average price target of $86.11.

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.