Kentucky Retirement Systems Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems lifted its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 2.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 13,751 shares of the technology retailer’s stock after buying an additional 382 shares during the period. Kentucky Retirement Systems’ holdings in Best Buy were worth $1,397,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in Best Buy during the 4th quarter worth $190,672,000. Franklin Resources Inc. boosted its holdings in shares of Best Buy by 1,039.1% in the third quarter. Franklin Resources Inc. now owns 1,980,368 shares of the technology retailer’s stock valued at $209,345,000 after acquiring an additional 1,806,513 shares in the last quarter. HS Management Partners LLC boosted its holdings in Best Buy by 24.8% during the third quarter. HS Management Partners LLC now owns 2,071,461 shares of the technology retailer’s stock worth $218,974,000 after buying an additional 411,970 shares in the last quarter. Geode Capital Management LLC boosted its stake in Best Buy by 6.2% in the 3rd quarter. Geode Capital Management LLC now owns 4,418,405 shares of the technology retailer’s stock worth $465,937,000 after purchasing an additional 257,611 shares during the period. Finally, NFJ Investment Group LLC lifted its position in Best Buy by 87.3% in the 3rd quarter. NFJ Investment Group LLC now owns 547,762 shares of the technology retailer’s stock worth $57,904,000 after buying an additional 255,262 shares in the last quarter. Hedge funds and other institutional investors own 79.39% of the company’s stock.

BBY stock traded up $0.38 on Tuesday, reaching $93.86. The company’s stock had a trading volume of 8,941 shares, compared to its average volume of 3,138,788. The business has a fifty day simple moving average of $97.28 and a two-hundred day simple moving average of $105.32. Best Buy Co., Inc. has a 12-month low of $85.58 and a 12-month high of $141.97. The firm has a market cap of $21.14 billion, a PE ratio of 9.50, a PEG ratio of 1.10 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings data on Thursday, March 3rd. The technology retailer reported $2.73 EPS for the quarter, meeting the consensus estimate of $2.73. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The business had revenue of $16.37 billion during the quarter, compared to analyst estimates of $16.54 billion. During the same quarter last year, the firm posted $3.48 earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts anticipate that Best Buy Co., Inc. will post 8.97 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 24th were paid a dividend of $0.88 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.70. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date was Wednesday, March 23rd. Best Buy’s payout ratio is currently 35.77%.

Several research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating and set a $102.00 price objective on the stock in a report on Wednesday, March 2nd. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Wednesday, April 13th. Bank of America lowered their price objective on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating for the company in a research report on Monday, February 28th. JPMorgan Chase & Co. decreased their target price on shares of Best Buy from $134.00 to $107.00 and set a “buy” rating for the company in a research report on Monday, February 28th. Finally, Telsey Advisory Group cut their target price on shares of Best Buy from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 28th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $118.93.

In other news, insider Todd G. Hartman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 9th. The stock was sold at an average price of $101.73, for a total transaction of $203,460.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 6,090 shares of the business’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total value of $603,275.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,769 shares of company stock valued at $3,548,574. Corporate insiders own 0.36% of the company’s stock.

Best Buy Profile (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBYGet Rating).

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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