Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its stake in Best Buy Co., Inc. (NYSE:BBY) by 1.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,490 shares of the technology retailer’s stock after selling 185 shares during the quarter. Kentucky Retirement Systems’ holdings in Best Buy were worth $1,157,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BBY. Concurrent Investment Advisors LLC boosted its holdings in Best Buy by 0.7% in the 4th quarter. Concurrent Investment Advisors LLC now owns 27,467 shares of the technology retailer’s stock valued at $2,357,000 after purchasing an additional 200 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of Best Buy by 28.6% during the 4th quarter. Handelsbanken Fonder AB now owns 38,191 shares of the technology retailer’s stock worth $3,277,000 after purchasing an additional 8,499 shares in the last quarter. Ieq Capital LLC increased its holdings in shares of Best Buy by 209.3% in the 4th quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer’s stock valued at $4,082,000 after purchasing an additional 32,195 shares in the last quarter. Alberta Investment Management Corp lifted its stake in shares of Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock valued at $2,248,000 after purchasing an additional 21,200 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its position in Best Buy by 66.6% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 9,680 shares of the technology retailer’s stock worth $831,000 after buying an additional 3,868 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

NYSE BBY opened at $89.80 on Monday. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 2.13 and a beta of 1.43. The company has a 50-day moving average price of $86.10 and a two-hundred day moving average price of $90.43. 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 posted its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The company had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 EPS. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Citigroup dropped their price objective on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Loop Capital restated a “buy” rating and set a $100.00 target price on shares of Best Buy in a research report on Wednesday, December 18th. Wells Fargo & Company dropped their target price on 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. UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Morgan Stanley dropped their price target on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.72.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.59% of the stock is owned by corporate insiders.

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.