Ruffer LLP Takes $3.81 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Ruffer LLP acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 44,367 shares of the technology retailer’s stock, valued at approximately $3,807,000.

Several other institutional investors also recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new stake in Best Buy during the 4th quarter worth approximately $32,000. OFI Invest Asset Management acquired a new stake in Best Buy in the fourth quarter worth approximately $34,000. Trust Co. of Vermont boosted its position in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Best Buy during the 3rd quarter worth about $40,000. Finally, LRI Investments LLC lifted its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Trading Up 1.3 %

Shares of BBY opened at $79.66 on Friday. 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 company has a market cap of $17.03 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. The stock has a fifty day moving average price of $85.58 and a two-hundred day moving average price of $90.43. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the company earned $2.72 EPS. Analysts predict 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. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.77%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.59% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BBY shares. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday. Truist Financial dropped their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday. Wedbush reissued a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Monday, March 3rd. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Evercore ISI reduced their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.50.

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.