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

Cinctive Capital Management LP lessened its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 94.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,242 shares of the technology retailer’s stock after selling 52,883 shares during the quarter. Cinctive Capital Management LP’s holdings in Best Buy were worth $278,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BBY. Stevens Capital Management LP grew its position in shares of Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock worth $1,941,000 after acquiring an additional 15,741 shares during the last quarter. Pinnacle Financial Partners Inc acquired a new stake in Best Buy during the 4th quarter worth $3,293,000. Vanguard Group Inc. grew its position in Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. increased its stake in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares during the period. Finally, Alberta Investment Management Corp raised its holdings in shares of Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after buying an additional 21,200 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Thursday, January 9th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Telsey Advisory Group cut their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $92.22.

Insider Buying and Selling

In other news, CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company’s stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, 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 sold 78,355 shares of company stock worth $5,767,213 in the last ninety days. Insiders own 0.59% of the company’s stock.

Best Buy Stock Down 17.8 %

BBY opened at $62.22 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market cap of $13.15 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $61.86 and a one year high of $103.71. The business’s fifty day moving average is $81.51 and its two-hundred day moving average is $87.58.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the firm earned $2.72 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.11%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Best Buy 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.