Numerai GP LLC Buys New Shares in Best Buy Co., Inc. (NYSE:BBY)

Numerai GP LLC purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 26,551 shares of the technology retailer’s stock, valued at approximately $2,278,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. raised its holdings in shares of Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in Best Buy in the fourth quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its position in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after acquiring an additional 243 shares during the last quarter. Ancora Advisors LLC raised its stake in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Best Buy in the 4th quarter worth approximately $34,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $73.77 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The stock has a market cap of $15.62 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The firm’s fifty day simple moving average is $68.17 and its 200 day simple moving average is $80.64.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating 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 firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the firm posted $2.72 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.15%. Best Buy’s dividend payout ratio is 88.99%.

Analysts Set New Price Targets

Several equities analysts recently commented on BBY shares. Loop Capital reaffirmed a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Evercore ISI cut their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Piper Sandler decreased their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Truist Financial lowered their target price on Best Buy from $81.00 to $64.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Finally, UBS Group set a $105.00 price target on Best Buy in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.28.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 78,355 shares of company stock valued at $5,767,213. Corporate insiders own 0.47% of the company’s stock.

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.