Best Buy Co., Inc. (NYSE:BBY) Position Cut by Parallax Volatility Advisers L.P.

Parallax Volatility Advisers L.P. reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 86.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,326 shares of the technology retailer's stock after selling 35,374 shares during the quarter. Parallax Volatility Advisers L.P.'s holdings in Best Buy were worth $457,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Two Sigma Securities LLC increased its stake in Best Buy by 97.0% in the 4th quarter. Two Sigma Securities LLC now owns 4,528 shares of the technology retailer's stock valued at $389,000 after purchasing an additional 2,229 shares in the last quarter. Nebula Research & Development LLC acquired a new stake in Best Buy during the 4th quarter valued at $533,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in Best Buy during the 4th quarter valued at $7,741,000. Adage Capital Partners GP L.L.C. grew its holdings in Best Buy by 45.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 138,600 shares of the technology retailer's stock valued at $11,892,000 after buying an additional 43,600 shares during the last quarter. Finally, Syon Capital LLC acquired a new stake in Best Buy during the 4th quarter valued at $279,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 1.2 %

Shares of NYSE:BBY traded down $0.79 during midday trading on Tuesday, reaching $66.69. The company had a trading volume of 2,449,128 shares, compared to its average volume of 3,314,305. The stock has a market capitalization of $14.10 billion, a P/E ratio of 11.40, a PEG ratio of 2.10 and a beta of 1.42. The stock's fifty day moving average price is $71.44 and its 200-day moving average price is $82.46. 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.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business 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 company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.70%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several analyst reports. Citigroup restated a "neutral" rating and set a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Truist Financial decreased their price objective on Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a report on Wednesday, March 5th. Loop Capital reiterated a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Bank of America reduced their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Two equities 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 given a strong buy rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus price target of $91.28.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the firm's stock in a transaction on 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 transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the purchase, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is currently owned by insiders.

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.