Ruffer LLP Makes New Investment in Best Buy Co., Inc. (NYSE:BBY)

Ruffer LLP bought a new position in Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 44,367 shares of the technology retailer’s stock, valued at approximately $3,807,000.

Several other hedge funds have also made changes to their positions in BBY. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the third quarter worth about $40,000. Principal Financial Group Inc. boosted its stake in shares of Best Buy by 2.0% during the third quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer’s stock valued at $25,568,000 after purchasing an additional 4,958 shares in the last quarter. Consolidated Planning Corp purchased a new position in Best Buy during the third quarter valued at approximately $427,000. Sustainable Insight Capital Management LLC bought a new position in Best Buy in the third quarter worth approximately $5,134,000. Finally, Crossmark Global Holdings Inc. lifted its holdings in Best Buy by 202.0% during the third quarter. Crossmark Global Holdings Inc. now owns 33,647 shares of the technology retailer’s stock worth $3,476,000 after buying an additional 22,507 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Trading Up 1.3 %

BBY opened at $79.66 on Friday. The business has a fifty day simple moving average of $85.58 and a 200-day simple moving average of $90.43. The firm has a market cap of $17.03 billion, a P/E ratio of 13.62, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. 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 announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the firm posted $2.72 earnings per share. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current 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 issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.77%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio is presently 88.99%.

Analyst Upgrades and Downgrades

BBY has been the subject of several recent research reports. Barclays reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Thursday, January 9th. Loop Capital decreased their price target on shares of Best Buy from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. UBS Group reaffirmed a “buy” rating and issued a $105.00 price objective (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. Wells Fargo & Company decreased their target price on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.50.

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.