Duality Advisers LP Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Duality Advisers LP bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 20,310 shares of the technology retailer’s stock, valued at approximately $1,590,000.

Several other hedge funds have also modified their holdings of BBY. CWM LLC increased its holdings in shares of Best Buy by 12.1% in the 3rd quarter. CWM LLC now owns 3,064 shares of the technology retailer’s stock valued at $213,000 after acquiring an additional 330 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Best Buy by 52.9% in the 3rd quarter. AdvisorNet Financial Inc now owns 1,385 shares of the technology retailer’s stock valued at $96,000 after acquiring an additional 479 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Best Buy by 15.8% in the 3rd quarter. IFP Advisors Inc now owns 2,904 shares of the technology retailer’s stock valued at $202,000 after acquiring an additional 397 shares during the last quarter. Ritholtz Wealth Management increased its holdings in shares of Best Buy by 16.0% in the 3rd quarter. Ritholtz Wealth Management now owns 9,130 shares of the technology retailer’s stock valued at $634,000 after acquiring an additional 1,256 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in shares of Best Buy by 4.1% in the 3rd quarter. HB Wealth Management LLC now owns 4,552 shares of the technology retailer’s stock valued at $316,000 after acquiring an additional 180 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BBY shares. Citigroup boosted their price objective on Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Morgan Stanley boosted their price objective on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Wedbush boosted their price objective on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their price objective on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, UBS Group boosted their price objective on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Stock Performance

BBY opened at $75.13 on Tuesday. The business’s 50-day moving average price is $77.94 and its two-hundred day moving average price is $74.03. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11. The company has a market capitalization of $16.18 billion, a price-to-earnings ratio of 13.20, a P/E/G ratio of 1.99 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The firm had revenue of $14.65 billion for 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%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the business posted $2.61 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.00%. This is an increase from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is currently 66.08%.

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.