Quantinno Capital Management LP Grows Stake in Best Buy Co., Inc. (NYSE:BBY)

Quantinno Capital Management LP boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 173.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,704 shares of the technology retailer's stock after buying an additional 50,532 shares during the period. Quantinno Capital Management LP's holdings in Best Buy were worth $6,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Mufg Securities Americas Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at about $248,000. Numerai GP LLC acquired a new position in shares of Best Buy in the fourth quarter valued at about $2,278,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Best Buy by 8.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,967 shares of the technology retailer's stock valued at $4,201,000 after purchasing an additional 3,867 shares during the period. LRI Investments LLC increased its holdings in shares of Best Buy by 36.3% in the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after purchasing an additional 141 shares during the period. Finally, Laird Norton Wetherby Wealth Management LLC increased its holdings in shares of Best Buy by 3.0% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 8,391 shares of the technology retailer's stock valued at $720,000 after purchasing an additional 243 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY traded down $0.56 on Tuesday, hitting $71.04. 4,253,957 shares of the company traded hands, compared to its average volume of 3,364,087. The company has a 50 day moving average of $67.88 and a 200-day moving average of $80.07. 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 stock has a market capitalization of $15.04 billion, a PE ratio of 12.14, a PEG ratio of 2.10 and a beta of 1.27. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month 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, topping analysts' consensus estimates of $2.40 by $0.18. The business 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 in the prior year, the business posted $2.72 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This is a boost 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 5.35%. Best Buy's dividend payout ratio (DPR) is 88.99%.

Insider Transactions at Best Buy

In other 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 sale, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last quarter. 0.47% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BBY shares. Wedbush reissued a "neutral" rating and issued a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Guggenheim lowered their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Loop Capital restated a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group lowered their target price on Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus target price of $90.72.

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.