Atom Investors LP Acquires New Holdings in Best Buy Co., Inc. (NYSE:BBY)

According to the most recent report filed with the Securities & Exchange Commission, Atom Investors LP recently acquired a new portion of Best Buy Co., Inc.'s (NYSE:BBY - Free Report) shares during the first quarter. The fund purchased 4,016 shares of the technology retail company's stock, which were valued at around $314,000.

Several hedge funds and institutional investors have made changes to their Best Buy holdings. Arlington Partners LLC invested $28,000 in Best Buy during the first quarter. Meanwhile, Clear Street Markets LLC increased its stake in the company by 90.6% during the same quarter, giving them a total of 385 shares worth $30,000 after acquiring 183 more shares. Cambridge Trust Co. also raised its Best Buy shares by a whopping 3,900.0% during the first quarter, gaining a total of 400 shares worth $31,000 after purchasing an additional 390 shares. Additionally, BOKF NA invested a new stake in Best Buy during the first quarter that was valued at $33,000. Lastly, CoreCap Advisors LLC invested a new position in Best Buy during the fourth quarter valued at $39,000. As of now, institutional investors own 76.10% of Best Buy's stock.

Insider Trades: Buying And Selling

There's some Best Buy news about Chairman Richard M. Schulze selling some of his Best Buy stock. On Tuesday, July 25th, he sold 100,000 shares of stock for $85.24 each, totaling $8,524,000. Now, he has 349,448 shares of the company's stock valued at $29,786,947.52. This information was disclosed in a filing with the Securities & Exchange Commission. On Tuesday, June 27th, Schulze also sold 250,000 shares for $82.90 each, totaling $20,725,000. Now, he has 390,148 shares valued at around $32,343,269.20. Insiders sold 384,191 shares in the last quarter, worth $32,028,728. Corporate insiders now own 0.56% of the company's stock.

Best Buy Shares Rise 0.8%

On Monday, the stock for BBY started trading at $73.23. The company's 50-day simple moving average is $79.32, while its 200-day simple moving average is $77.08. BBY has a quick ratio of 0.32, a current ratio of 0.98, and a debt-to-equity ratio of 0.40. With a market cap of $15.94 billion, BBY has a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.90, and a beta of 1.54. The company's lowest price in the past twelve months was $60.78, while its highest was $93.32.

On August 29th, Best Buy, a technology retailer company, released its quarterly earnings report. They had a higher than expected earnings per share of $1.22, beating analysts' estimates by $0.16. The company also had a revenue of $9.58 billion, which was slightly higher than what the analysts had predicted. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. In comparison to the previous year, their quarterly revenue dropped by 7.2%. The company anticipates to have an earnings per share of 6.23 for this year, according to research analysts.

Best Buy Declares Dividend

The company has recently announced that it will be paying its shareholders a dividend every quarter. This payment will be made on Tuesday, October 10th to those who have been registered as shareholders by Tuesday, September 19th. The amount of the payment is $0.92 per share which totals an annual amount of $3.68. This amounts to a dividend yield of 5.03%. Those who buy shares on Monday, September 18th or after will not qualify for this payment. The firm's payout ratio is at 63.34%.

Market Analysts' Rating Changes

Many experts who analyze stocks have shared their opinions on Best Buy recently. Wells Fargo & Company reported on August 30th that they had increased their target price for Best Buy shares from $75.00 to $80.00 and gave the company a rating of "buy." On August 2nd, Citigroup also raised their target price on Best Buy shares from $62.00 to $70.00 and gave the stock a "buy" rating. DA Davidson also boosted their price target for Best Buy from $87.00 to $90.00 and gave the company a "buy" rating in a report on August 30th. Truist Financial followed suit, raising their price target on Best Buy shares from $77.00 to $80.00 and gave the stock a "buy" rating on the same day. Finally, Morgan Stanley lifted their price forecast for Best Buy shares from $75.00 to $80.00 and gave the company an "equal weight" rating on August 31st. Only one research analyst gave a sell rating, whilst four assigned a hold rating and eleven assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $80.67.

Check out our most recent inventory update for Best Buy

Best Buy is a company that sells technology products in Canada and the United States. It separates its business into two categories: Domestic and International. The company's physical stores offer lots of computing and mobile phone products including desktops, notebooks, and additional parts for computers, as well as mobile phones which include mobile network carrier commissions. Best Buy also sells networking products, tablets, smartwatches, and consumer electronics like digital imaging, health and fitness products, home theater, portable audio such as headphones and portable speakers, and smart home products.

Are you curious to know which other hedge funds have invested in BBY? Check out HoldingsChannel.com to stay updated with the recent 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).

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