Virtu Financial LLC Invests $457,000 in Best Buy Co., Inc. (NYSE:BBY)

Virtu Financial LLC bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 4th quarter, HoldingsChannel reports. The firm bought 5,324 shares of the technology retailer’s stock, valued at approximately $457,000.

A number of other institutional investors have also bought and sold shares of BBY. Raymond James Financial Inc. acquired a new position in shares of Best Buy in the 4th quarter valued at about $514,483,000. Nordea Investment Management AB lifted its stake in Best Buy by 563.8% in the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after buying an additional 503,204 shares during the period. National Bank of Canada FI boosted its holdings in shares of Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after buying an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after buying an additional 459,353 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after acquiring an additional 395,415 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathleen Scarlett sold 6,847 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $497,434.55. Following the transaction, the executive vice president now directly owns 87,389 shares of the company’s stock, valued at $6,348,810.85. This represents a 7.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 in the last ninety days. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Up 0.2 %

Best Buy stock opened at $74.78 on Thursday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week 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 firm’s 50-day simple moving average is $82.84 and its 200 day simple moving average is $88.58. The stock has a market cap of $15.81 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the previous year, the business earned $2.72 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.08%. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Telsey Advisory Group reduced their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Citigroup reduced 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. Finally, Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an “overweight” 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 given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average target price 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.