Vident Advisory LLC Has $4.45 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Vident Advisory LLC increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 165.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,876 shares of the technology retailer's stock after acquiring an additional 32,329 shares during the quarter. Vident Advisory LLC's holdings in Best Buy were worth $4,451,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rakuten Securities Inc. grew its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the 4th quarter worth $32,000. Atlas Capital Advisors Inc. grew its holdings in shares of 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 buying an additional 243 shares in the last quarter. Ancora Advisors LLC grew its holdings in shares of 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 buying an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in shares of Best Buy during the fourth quarter valued at $34,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares of the company's stock, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. 0.47% of the stock is owned by corporate insiders.

Best Buy Stock Down 1.1%

Shares of BBY traded down $0.76 during trading hours on Friday, hitting $70.01. 3,591,047 shares of the company were exchanged, compared to its average volume of 3,368,718. The company has a market cap of $14.82 billion, a PE ratio of 11.97, a PEG ratio of 2.10 and a beta of 1.27. The firm's 50 day moving average is $67.74 and its 200-day moving average is $79.63. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company posted $2.72 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.43%. The ex-dividend date of this dividend was Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio is 88.99%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BBY. Morgan Stanley lowered their price target on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Bank of America lowered their price target on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Piper Sandler lowered their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Citigroup reiterated a "neutral" rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Finally, Jefferies Financial Group lowered their price target on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and an average price target of $89.33.

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.