Trexquant Investment LP Purchases Shares of 44,373 Best Buy Co., Inc. (NYSE:BBY) (2024)

Posted by Defense World Staff on May 24th, 2024

Trexquant Investment LP acquired a new position in Best Buy Co., Inc. (NYSE:BBY – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 44,373 shares of the technology retailer’s stock, valued at approximately $3,474,000.

A number of other hedge funds have also recently made changes to their positions in BBY. Bfsg LLC purchased a new position in shares of Best Buy during the fourth quarter valued at about $25,000. Naples Money Management LLC bought a new stake in Best Buy in the 4th quarter worth approximately $27,000. Access Investment Management LLC purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $27,000. Cary Street Partners Investment Advisory LLC boosted its position in shares of Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 302 shares during the last quarter. Finally, Hartford Financial Management Inc. grew its holdings in shares of Best Buy by 56.5% in the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In related news, insider Todd G. Hartman sold 3,973 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the transaction, the insider now owns 25,912 shares in the company, valued at approximately $2,119,601.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Todd G. Hartman sold 3,973 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the sale, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,023 shares of company stock worth $4,253,900. Corporate insiders own 0.59% of the company’s stock.

Best Buy Trading Down 1.3 %

NYSE BBY opened at $69.60 on Friday. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 2.11 and a beta of 1.50. The company’s 50-day simple moving average is $76.57 and its two-hundred day simple moving average is $74.79.

Best Buy (NYSE:BBY – Get Free Report) last announced its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the firm earned $2.61 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 5.40%. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. Best Buy’s dividend payout ratio is presently 66.08%.

Analysts Set New Price Targets

BBY has been the topic of a number of recent research reports. Morgan Stanley upped their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. Truist Financial upped their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. The Goldman Sachs Group raised their price target on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, Citigroup reduced their target price on shares of Best Buy from $76.00 to $67.00 and set a “sell” rating on the stock in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $84.00.

Get Our Latest Stock Report on Best Buy

Best Buy Company Profile

(Free Report)

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.

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