AlphaQuest LLC Has $101,000 Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

AlphaQuest LLC boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 16,742.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,179 shares of the technology retailer’s stock after buying an additional 1,172 shares during the period. AlphaQuest LLC’s holdings in Best Buy were worth $101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of BBY. GSA Capital Partners LLP acquired a new position in Best Buy during the third quarter valued at $443,000. Oppenheimer & Co. Inc. acquired a new position in Best Buy during the third quarter valued at $678,000. CIBC Asset Management Inc raised its position in Best Buy by 9.2% during the third quarter. CIBC Asset Management Inc now owns 34,249 shares of the technology retailer’s stock valued at $3,538,000 after buying an additional 2,888 shares during the period. Natixis Advisors LLC raised its position in Best Buy by 12.0% during the third quarter. Natixis Advisors LLC now owns 116,167 shares of the technology retailer’s stock valued at $12,000,000 after buying an additional 12,491 shares during the period. Finally, Claro Advisors LLC acquired a new position in Best Buy during the third quarter valued at $280,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

Shares of NYSE:BBY opened at $73.10 on Wednesday. The business has a 50 day moving average price of $83.96 and a 200 day moving average price of $89.58. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a market cap of $15.63 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 2.10 and a beta of 1.43. 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 (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the company earned $2.72 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid 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 is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.20%. Best Buy’s dividend payout ratio is presently 88.99%.

Insider Activity at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of Best Buy stock in a transaction on 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 transaction, the chief executive officer now 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock 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. UBS Group set a $105.00 target price on Best Buy in a research note on Wednesday, March 5th. Finally, Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $93.50.

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.