Aigen Investment Management LP Takes $1.72 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Aigen Investment Management LP invested approximately $1.72 million in Best Buy by purchasing 23,311 shares during the first quarter.
• Institutional ownership of Best Buy stands at 80.96%, with several hedge funds significantly increasing their positions recently.
• Best Buy's stock currently has a consensus rating of "Hold" with a consensus price target of $85.72 from multiple analysts.

Aigen Investment Management LP acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 23,311 shares of the technology retailer's stock, valued at approximately $1,716,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Pinnacle Bancorp Inc. increased its position in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in Best Buy during the 4th quarter valued at approximately $31,000. Ancora Advisors LLC increased its holdings in shares of Best Buy by 18,700.0% in the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares in the last quarter. Grove Bank & Trust increased its holdings in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Finally, LRI Investments LLC increased its holdings in shares of Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after purchasing an additional 141 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.59% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Loop Capital reduced their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a report on Friday, May 30th. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. 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, May 30th. Barclays reduced their target price on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Finally, Truist Financial lifted their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Stock Performance

NYSE BBY traded up $1.69 on Tuesday, hitting $70.28. 3,175,773 shares of the company traded hands, compared to its average volume of 3,142,906. The company has a market capitalization of $14.85 billion, a price-to-earnings ratio of 17.18, a P/E/G ratio of 1.81 and a beta of 1.21. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The business's 50 day moving average price is $69.16 and its 200-day moving average price is $72.51. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

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, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is presently 92.91%.

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.