GAMMA Investing LLC Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

GAMMA Investing LLC grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5,519.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,131 shares of the technology retailer's stock after purchasing an additional 170,050 shares during the period. GAMMA Investing LLC owned approximately 0.08% of Best Buy worth $12,744,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Stevens Capital Management LP grew its position in shares of Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after purchasing an additional 15,741 shares in the last quarter. Invesco Ltd. grew its position in Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. grew its position in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after acquiring an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy in the fourth quarter worth $3,293,000. Finally, APG Asset Management N.V. purchased a new position in Best Buy in the fourth quarter worth $9,073,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Truist Financial upped their target price on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average price target of $86.11.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $73.03 on Friday. The company has a market cap of $15.46 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. The company has a 50-day moving average price of $66.87 and a 200-day moving average price of $78.24. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly 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. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the previous year, the company earned $1.20 earnings per share. Best Buy's quarterly revenue was down .9% on a year-over-year basis. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio is currently 92.91%.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 6,847 shares of the business'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 $497,434.55. Following the transaction, the executive vice president now owns 87,389 shares in the company, valued at $6,348,810.85. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last 90 days. 0.59% of the stock is owned by company insiders.

Best Buy Profile

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.

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