Duality Advisers LP Makes New $1.59 Million Investment in Best Buy Co., Inc. (NYSE:BBY)

Duality Advisers LP acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 20,310 shares of the technology retailer's stock, valued at approximately $1,590,000.

Several other institutional investors also recently bought and sold shares of BBY. Naples Money Management LLC purchased a new position in Best Buy in the fourth quarter worth $27,000. Cary Street Partners Investment Advisory LLC grew its holdings in Best Buy by 549.1% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer's stock worth $25,000 after purchasing an additional 302 shares during the last quarter. Hartford Financial Management Inc. grew its holdings in Best Buy by 56.5% in the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer's stock worth $30,000 after purchasing an additional 140 shares during the last quarter. Stonebridge Capital Advisors LLC grew its holdings in Best Buy by 81.9% in the third quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer's stock worth $29,000 after purchasing an additional 185 shares during the last quarter. Finally, CENTRAL TRUST Co grew its holdings in Best Buy by 72.5% in the fourth quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer's stock worth $79,000 after purchasing an additional 422 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY stock traded down $0.07 on Tuesday, hitting $75.05. The company had a trading volume of 2,411,838 shares, compared to its average volume of 2,994,010. The firm has a market cap of $16.16 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a 50-day moving average price of $77.98 and a 200-day moving average price of $74.07. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. Best Buy's revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.61 earnings per share. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.03 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 5.01%. The ex-dividend date of this dividend was Wednesday, March 20th. This is a positive change from Best Buy's previous quarterly dividend of $0.92. Best Buy's dividend payout ratio (DPR) is currently 66.08%.

Insider Buying and Selling at Best Buy

In related news, insider Todd G. Hartman sold 3,973 shares of the company's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares of the company's stock, valued at approximately $2,119,601.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Todd G. Hartman sold 3,973 shares of the business's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares of the company's stock, valued at approximately $2,119,601.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 5,096 shares of the company's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the transaction, the executive vice president now owns 76,226 shares of the company's stock, valued at $6,235,286.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,023 shares of company stock valued at $4,253,900. Corporate insiders own 0.56% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on BBY shares. UBS Group lifted their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a "neutral" rating in a report on Friday, March 1st. TheStreet raised shares of Best Buy from a "c" rating to a "b-" rating in a report on Thursday, February 29th. Citigroup lifted their price target on shares of Best Buy from $67.00 to $76.00 and gave the stock a "sell" rating in a report on Friday, March 1st. Barclays boosted their price objective on shares of Best Buy from $69.00 to $88.00 and gave the company an "equal weight" rating in a report on Friday, March 1st. Finally, Morgan Stanley boosted their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an "equal weight" rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $84.60.

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.