Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 142.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,741 shares of the technology retailer’s stock after purchasing an additional 19,828 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Best Buy were worth $2,895,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its position in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after purchasing an additional 3,025 shares during the period. Asset Management One Co. Ltd. boosted its position in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after purchasing an additional 18,171 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Best Buy during the 3rd quarter valued at approximately $2,384,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock valued at $636,840,000 after purchasing an additional 241,988 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy 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 transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Stock Performance

Shares of NYSE BBY opened at $84.54 on Wednesday. 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 stock has a market capitalization of $18.08 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 2.06 and a beta of 1.43. The stock’s fifty day simple moving average is $87.02 and its 200 day simple moving average is $90.20. 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 earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 earnings per share. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Loop Capital restated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lifted their target price on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Telsey Advisory Group cut their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Morgan Stanley cut their target price on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Guggenheim cut their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

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.