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

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

Other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the fourth quarter worth $31,000. Golden State Wealth Management LLC purchased a new stake in Best Buy during the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. lifted its position in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Evercore ISI decreased their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. Truist Financial boosted their price objective on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. Morgan Stanley dropped their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Finally, Loop Capital decreased their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $86.11.

Best Buy Trading Up 3.0%

BBY stock traded up $2.17 during trading on Tuesday, hitting $74.92. The company had a trading volume of 4,246,836 shares, compared to its average volume of 3,336,073. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a 50 day simple moving average of $67.07 and a 200-day simple moving average of $77.98. The firm has a market capitalization of $15.86 billion, a P/E ratio of 12.81, a PEG ratio of 2.10 and a beta of 1.25. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. The company's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted $1.20 earnings per share. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.07%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry purchased 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This represents a 3.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.47% of the company's stock.

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.