Nemes Rush Group LLC Boosts Stake in Best Buy Co., Inc. (NYSE:BBY)

Nemes Rush Group LLC lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 13.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 118,392 shares of the technology retailer’s stock after acquiring an additional 13,879 shares during the quarter. Best Buy accounts for about 1.3% of Nemes Rush Group LLC’s investment portfolio, making the stock its 28th largest holding. Nemes Rush Group LLC’s holdings in Best Buy were worth $10,158,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stevens Capital Management LP grew its stake in shares of Best Buy by 228.7% in the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy during the 4th quarter valued at about $3,293,000. Vanguard Group Inc. grew its position 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 valued at $1,971,908,000 after acquiring an additional 191,161 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. increased its stake in Best Buy by 48.6% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after purchasing an additional 8,640 shares during the period. Finally, Alberta Investment Management Corp increased its stake in Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the completion of the transaction, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $73.73 on Tuesday. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year 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 stock has a fifty day moving average price of $82.34 and a two-hundred day moving average price of $88.01. The firm has a market cap of $15.58 billion, a P/E ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the company earned $2.72 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.15%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BBY shares. UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Citigroup decreased their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group cut 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. Piper Sandler reduced their target price on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.