Voloridge Investment Management LLC Sells 264,323 Shares of Best Buy Co., Inc. (NYSE:BBY)

Voloridge Investment Management LLC reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 63.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,933 shares of the technology retailer's stock after selling 264,323 shares during the quarter. Voloridge Investment Management LLC owned about 0.07% of Best Buy worth $13,207,000 at the end of the most recent reporting period.

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

Best Buy Stock Down 0.9%

Shares of NYSE:BBY traded down $0.64 during midday trading on Wednesday, reaching $71.58. The company had a trading volume of 4,738,236 shares, compared to its average volume of 3,376,712. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The stock has a market cap of $15.15 billion, a PE ratio of 12.24, a P/E/G ratio of 2.10 and a beta of 1.27. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business's 50 day moving average price is $67.64 and its 200 day moving average price is $79.30.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The firm 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 period last year, the company earned $2.72 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.31%. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. Best Buy's dividend payout ratio is presently 88.99%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BBY shares. Morgan Stanley decreased their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group reduced their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Evercore ISI dropped their price objective on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus price target of $89.33.

Insider Buying and Selling at Best Buy

In other news, insider Todd G. Hartman sold 4,893 shares of the 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 $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. This trade represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Corie S. Barry acquired 13,500 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last ninety days. Insiders own 0.47% of the company's stock.

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.