Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC cut its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 63.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 153,933 shares of the technology retailer's stock after selling 264,323 shares during the period. Voloridge Investment Management LLC owned approximately 0.07% of Best Buy worth $13,207,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stevens Capital Management LP lifted its position in Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. lifted its position in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. lifted its position in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc acquired a new position in Best Buy during the fourth quarter valued at approximately $3,293,000. Finally, APG Asset Management N.V. acquired a new position in Best Buy during the fourth quarter valued at approximately $9,073,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the sale, the chief financial officer now directly owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 over the last quarter. Insiders own 0.47% of the company's stock.

Best Buy Stock Up 3.4%

Shares of NYSE:BBY traded up $2.35 during midday trading on Tuesday, reaching $72.27. The company had a trading volume of 3,596,284 shares, compared to its average volume of 3,371,264. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The stock's fifty day moving average price is $67.67 and its 200-day moving average price is $79.35. The stock has a market capitalization of $15.30 billion, a P/E ratio of 12.35, a PEG ratio of 2.10 and a beta of 1.27.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the firm posted $2.72 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a $0.95 dividend. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. This is a boost from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent research reports. Citigroup reaffirmed a "neutral" rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Piper Sandler reduced their target price on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Wedbush reissued a "neutral" rating and set a $75.00 target price on shares of Best Buy in a research report on Friday. Truist Financial reduced their target price on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group set a $105.00 target price on shares of Best Buy in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $89.33.

About Best Buy

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.