AXQ Capital LP Has $496,000 Holdings in Best Buy Co., Inc. (NYSE:BBY)

AXQ Capital LP cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 53.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,778 shares of the technology retailer’s stock after selling 6,731 shares during the period. AXQ Capital LP’s holdings in Best Buy were worth $496,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Pinnacle Financial Partners Inc acquired a new position in shares of Best Buy in the 4th quarter valued at approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. increased its position in shares of Best Buy by 48.6% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after acquiring an additional 8,640 shares in the last quarter. Alberta Investment Management Corp raised its holdings in shares of Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after acquiring an additional 21,200 shares during the period. Merit Financial Group LLC bought a new stake in Best Buy in the 4th quarter valued at $453,000. Finally, TCW Group Inc. boosted its stake in Best Buy by 26.7% in the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock worth $34,414,000 after purchasing an additional 84,505 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Up 0.2 %

BBY opened at $73.63 on Friday. The stock’s fifty day simple moving average is $83.34 and its 200 day simple moving average is $89.09. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The stock has a market cap of $15.74 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the firm earned $2.72 earnings per share. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BBY shares. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Guggenheim reduced their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Loop Capital reiterated a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Jefferies Financial Group cut their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $93.50.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. 0.59% of the stock is owned by corporate insiders.

Best Buy Company 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.