Machina Capital S.A.S. Buys New Stake in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Machina Capital S.A.S. acquired a new stake in Best Buy Co., Inc., purchasing 14,807 shares valued at approximately $1,090,000 during the first quarter.
• Best Buy announced a quarterly dividend of $0.95 per share, with an annualized yield of 5.64%.
• The stock's current average rating is "Hold", with an average price target of $85.72 as analysts weigh in on the company's performance.

Machina Capital S.A.S. purchased a new position in shares of 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 and Exchange Commission. The firm purchased 14,807 shares of the technology retailer's stock, valued at approximately $1,090,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mariner LLC grew its stake in shares of Best Buy by 0.3% in the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after purchasing an additional 129 shares during the last quarter. LRI Investments LLC raised its holdings in Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after purchasing an additional 141 shares during the last quarter. Prosperity Consulting Group LLC raised its holdings in Best Buy by 6.4% during the fourth quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock worth $206,000 after purchasing an additional 145 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Best Buy by 25.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after purchasing an additional 147 shares during the last quarter. Finally, Bailard Inc. raised its holdings in shares of Best Buy by 0.7% in the first quarter. Bailard Inc. now owns 21,965 shares of the technology retailer's stock worth $1,617,000 after acquiring an additional 157 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 0.2%

Shares of NYSE:BBY traded up $0.10 during trading on Friday, hitting $67.39. The company's stock had a trading volume of 2,553,408 shares, compared to its average volume of 3,523,930. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock's 50-day moving average price is $69.82 and its two-hundred day moving average price is $73.95. The company has a market capitalization of $14.24 billion, a PE ratio of 16.48, a PEG ratio of 1.78 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data 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 return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Best Buy's revenue for the quarter was down .9% compared to the same quarter last year. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.64%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BBY shares. Guggenheim reissued a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Tuesday, June 10th. Barclays lowered their price objective on Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Citigroup reaffirmed a "neutral" rating and issued a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Truist Financial lifted their price objective on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. Finally, UBS Group lowered their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One 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. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $85.72.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman owned 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.47% of the stock is owned by insiders.

Best Buy Company 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.