Blueshift Asset Management LLC Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Blueshift Asset Management LLC increased its stake in Best Buy by 122% in the first quarter, owning 7,708 shares valued at approximately $567,000.
• Best Buy's most recent quarterly earnings report revealed an EPS of $1.15, exceeding expectations, with revenues of $8.77 billion but a net margin decline of 0.9% year-over-year.
• The company declared a quarterly dividend of $0.95, resulting in an annual yield of 5.9%, with a payout ratio of 92.91%.

Blueshift Asset Management LLC raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 122.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,708 shares of the technology retailer's stock after purchasing an additional 4,236 shares during the period. Blueshift Asset Management LLC's holdings in Best Buy were worth $567,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jefferies Financial Group Inc. lifted its position in Best Buy by 101.0% in the first quarter. Jefferies Financial Group Inc. now owns 74,185 shares of the technology retailer's stock worth $5,461,000 after purchasing an additional 37,276 shares during the period. Alberta Investment Management Corp lifted its holdings in Best Buy by 25.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock valued at $2,422,000 after acquiring an additional 6,700 shares during the last quarter. US Bancorp DE grew its position in Best Buy by 0.5% in the first quarter. US Bancorp DE now owns 248,071 shares of the technology retailer's stock worth $18,260,000 after buying an additional 1,200 shares during the last quarter. Hoxton Planning & Management LLC acquired a new position in shares of Best Buy in the 1st quarter valued at $289,000. Finally, Howard Capital Management Inc. increased its stake in Best Buy by 9.1% in the 1st quarter. Howard Capital Management Inc. now owns 4,264 shares of the technology retailer's stock worth $314,000 after purchasing an additional 357 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. DA Davidson reiterated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Wedbush reduced their price target on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Guggenheim reiterated a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Tuesday, June 10th. Loop Capital lowered their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, Telsey Advisory Group reissued an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Price Performance

Shares of NYSE BBY traded up $2.07 during midday trading on Monday, reaching $66.19. 2,822,667 shares of the company were exchanged, compared to its average volume of 3,450,113. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The stock has a market cap of $13.99 billion, a P/E ratio of 16.18, a PEG ratio of 1.69 and a beta of 1.21. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The stock's 50-day moving average price is $69.33 and its 200-day moving average price is $73.20.

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 (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. Best Buy's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 earnings per share. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th were paid a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.7%. Best Buy's payout ratio is currently 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.