5 Dividend Stocks to Buy According to Bruce Kovner’s Caxton Associates LP

2. Best Buy Co., Inc. (NYSE:BBY)

Caxton Associates’ Stake Value: $1,811,000

Best Buy Co., Inc. (NYSE:BBY) is a Minnesota-based consumer electronics company that also sells other related products to consumers. According to Insider Monkey’s data, 26 hedge funds owned stakes in the company in Q2 2022, up from 25 in the previous quarter. The consolidated value of these stakes is over $406.8 million, compared with $251.4 million worth of stakes owned by hedge funds in the preceding quarter.

Caxton Associates resumed building its position in Best Buy Co., Inc. (NYSE:BBY) during Q2 2022, after selling off its stake worth $315,000 in the fourth quarter of 2021. Currently, the fund owns 27,788 BBY shares, valued at over $1.8 million, as of the end of the second quarter. The company represented 0.17% of the firm’s 13F portfolio.

In March 2022, Best Buy Co., Inc. (NYSE:BBY) announced a 26% hike in its quarterly dividend, which was its ninth consecutive year of dividend growth. It currently pays a quarterly dividend of $0.88 per share, with a yield of 4.92%, as of September 2.

In August, Wedbush raised its price target on Best Buy Co., Inc. (NYSE:BBY) to $80 with a Neutral rating on the shares, highlighting the company’s Q2 results and its guidance for upcoming quarters.