AXQ Capital LP Has $496,000 Position in Best Buy Co., Inc. (NYSE:BBY)

AXQ Capital LP cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 53.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,778 shares of the technology retailer’s stock after selling 6,731 shares during the quarter. AXQ Capital LP’s holdings in Best Buy were worth $496,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc bought a new position in shares of Best Buy during the fourth quarter valued at $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its holdings in Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares during the period. Alberta Investment Management Corp raised its position in Best Buy by 424.0% during the 4th 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 last quarter. Merit Financial Group LLC acquired a new position in Best Buy during the 4th quarter worth about $453,000. Finally, TCW Group Inc. grew its position in shares of Best Buy by 26.7% in the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after buying an additional 84,505 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Shares of NYSE:BBY opened at $73.63 on Friday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock’s 50 day moving average is $83.34 and its 200-day moving average is $89.09. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period last year, the firm earned $2.72 earnings per share. Sell-side 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 announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. 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%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BBY shares. Guggenheim lowered their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler reduced their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their target price on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, DA Davidson cut their price target on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $93.50.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.

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.