Machina Capital S.A.S. Invests $291,000 in Best Buy Co., Inc. (NYSE:BBY)

Machina Capital S.A.S. bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,721 shares of the technology retailer’s stock, valued at approximately $291,000.

Several other hedge funds also recently made changes to their positions in BBY. Cary Street Partners Investment Advisory LLC grew its position in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares in the last quarter. Bfsg LLC acquired a new position in shares of Best Buy in the 4th quarter worth approximately $25,000. Naples Money Management LLC acquired a new position in shares of Best Buy in the 4th quarter worth approximately $27,000. Stonebridge Capital Advisors LLC boosted its position in Best Buy by 81.9% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 185 shares during the period. Finally, Hartford Financial Management Inc. boosted its position in Best Buy by 56.5% during the 4th 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 during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

Shares of NYSE BBY traded down $1.34 during mid-day trading on Tuesday, reaching $73.06. The company had a trading volume of 2,614,982 shares, compared to its average volume of 2,924,947. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market cap of $15.81 billion, a PE ratio of 12.95, a P/E/G ratio of 1.94 and a beta of 1.50. The company has a 50-day moving average price of $77.87 and a two-hundred day moving average price of $74.31. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.61 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.15%. Best Buy’s payout ratio is currently 66.08%.

Insider Activity

In other news, EVP Kathleen Scarlett sold 5,096 shares of Best Buy stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $416,852.80. Following the transaction, the executive vice president now owns 76,226 shares in the company, valued at $6,235,286.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, EVP Kathleen Scarlett sold 5,096 shares of the business’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 $416,852.80. Following the transaction, the executive vice president now owns 76,226 shares in the company, valued at $6,235,286.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at approximately $35,105,206.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,023 shares of company stock worth $4,253,900. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Citigroup reduced their price objective on Best Buy from $76.00 to $67.00 and set a “sell” rating for the company in a research report on Tuesday. UBS Group boosted their price objective on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Barclays boosted their price objective on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Finally, Wedbush lifted their target price on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $84.00.

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.