3,275 Shares in Best Buy Co., Inc. (NYSE:BBY) Purchased by Bridgefront Capital LLC

Bridgefront Capital LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY – Get Rating) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 3,275 shares of the technology retailer’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Price T Rowe Associates Inc. MD raised its stake in Best Buy by 1,434.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock valued at $315,901,000 after buying an additional 4,530,018 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Best Buy during the second quarter valued at approximately $116,725,000. Ceredex Value Advisors LLC acquired a new stake in Best Buy during the third quarter valued at approximately $92,076,000. State Street Corp raised its stake in Best Buy by 12.7% during the third quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock valued at $664,704,000 after buying an additional 1,169,374 shares in the last quarter. Finally, Capital World Investors acquired a new stake in Best Buy during the first quarter valued at approximately $99,081,000. Institutional investors and hedge funds own 78.48% of the company’s stock.

Insider Activity

In other news, EVP Damien Harmon sold 2,500 shares of the stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $79.99, for a total transaction of $199,975.00. Following the completion of the sale, the executive vice president now owns 42,805 shares in the company, valued at approximately $3,423,971.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BBY. Truist Financial upped their price objective on Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. UBS Group upped their target price on Best Buy from $80.00 to $87.00 and gave the company a “buy” rating in a report on Friday, February 24th. BNP Paribas lowered Best Buy from an “outperform” rating to a “neutral” rating in a report on Thursday, January 12th. Citigroup upped their target price on Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, November 23rd. Finally, JPMorgan Chase & Co. lowered their target price on Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $81.44.

Best Buy Stock Performance

Shares of NYSE BBY opened at $77.09 on Friday. The stock has a fifty day moving average price of $84.07 and a two-hundred day moving average price of $77.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. The firm has a market cap of $17.06 billion, a P/E ratio of 12.26, a PEG ratio of 1.50 and a beta of 1.51. Best Buy Co., Inc. has a 1 year low of $60.78 and a 1 year high of $103.23.

Best Buy (NYSE:BBY – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.52. The firm had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The firm’s quarterly revenue was down 10.0% on a year-over-year basis. During the same period last year, the company posted $2.73 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.27 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Thursday, March 23rd will be paid a dividend of $0.92 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. This represents a $3.68 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date of this dividend is Wednesday, March 22nd. Best Buy’s dividend payout ratio (DPR) is presently 55.96%.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.