Best Buy Co., Inc. (NYSE:BBY) Shares Bought by Versant Capital Management Inc

Versant Capital Management Inc lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 139.0% during the fourth quarter, Holdings Channel reports. The firm owned 992 shares of the technology retailer’s stock after buying an additional 577 shares during the period. Versant Capital Management Inc’s holdings in Best Buy were worth $85,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. QRG Capital Management Inc. increased its position in Best Buy by 10.5% in the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after buying an additional 3,025 shares during the period. Asset Management One Co. Ltd. lifted its position in Best Buy by 27.4% in 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 last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake 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. bought a new position in Best Buy in the 3rd quarter worth about $2,384,000. Finally, Toronto Dominion Bank increased its stake in shares of Best Buy by 82.2% in the third quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after purchasing an additional 46,152 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $83.62 on Friday. The company has a 50-day moving average of $88.62 and a two-hundred day moving average of $90.42. The stock has a market cap of $17.88 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 2.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business 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 quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the business earned $1.29 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.50%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.59% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBY. Citigroup decreased their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. DA Davidson reissued a “buy” rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, December 18th. Guggenheim lowered their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Finally, Wells Fargo & Company reduced their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

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.