Rafferty Asset Management LLC Raises Position in Best Buy Co., Inc. (NYSE:BBY)

Rafferty Asset Management LLC boosted its stake in Best Buy Co., Inc. (NYSE:BBY) by 11.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,931 shares of the technology retailer’s stock after buying an additional 2,414 shares during the quarter. Rafferty Asset Management LLC’s holdings in Best Buy were worth $1,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Vanguard Group Inc. lifted its stake in Best Buy by 0.8% in 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Best Buy in the 4th quarter worth approximately $514,483,000. Geode Capital Management LLC lifted its stake in Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Down 0.8%

Best Buy stock opened at $71.04 on Wednesday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. 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 firm has a 50 day moving average price of $67.89 and a 200 day moving average price of $80.01. The company has a market capitalization of $15.04 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY) last posted 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 net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the firm earned $2.72 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.35%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BBY shares. UBS Group set a $105.00 target price on shares of Best Buy in a research note on Wednesday, March 5th. Wells Fargo & Company decreased their target price on shares of Best Buy from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Monday. Morgan Stanley decreased their target price on shares of 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. Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, DA Davidson reaffirmed a “buy” rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight 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 an average price target of $90.72.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were 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 directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.47% of the stock is currently owned by company insiders.

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.