Lecap Asset Management Ltd. Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Lecap Asset Management Ltd. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,096 shares of the technology retailer's stock, valued at approximately $670,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. grew its stake in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. purchased a new stake in Best Buy in the 4th quarter worth approximately $31,000. Atlas Capital Advisors Inc. grew its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after buying an additional 243 shares during the last quarter. Ancora Advisors LLC grew its position 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 buying an additional 374 shares during the last quarter. Finally, Grove Bank & Trust increased its stake in shares of Best Buy by 67.1% during the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after buying an additional 173 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 completion of the sale, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, May 30th. Morgan Stanley cut their target price on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. DA Davidson reiterated a "buy" rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Citigroup reissued a "neutral" rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Bank of America cut their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Trading Up 0.7%

NYSE BBY opened at $68.45 on Friday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.71. 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 stock's fifty day moving average price is $69.16 and its 200-day moving average price is $76.39. The stock has a market cap of $14.47 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.80 and a beta of 1.25.

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, topping analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations 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 was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.55%. Best Buy's payout ratio is currently 92.91%.

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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