Kentucky Retirement Systems Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 1.4% in the 4th quarter, according to the company in its most recent filing with the SEC. 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BBY. Yousif Capital Management LLC raised its holdings in Best Buy by 0.5% during the 4th quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after acquiring an additional 145 shares during the period. Access Investment Management LLC grew its holdings in shares of Best Buy by 12.2% during the third quarter. Access Investment Management LLC now owns 1,380 shares of the technology retailer’s stock worth $143,000 after purchasing an additional 150 shares in the last quarter. Claro Advisors LLC increased its position in shares of Best Buy by 5.7% in the fourth quarter. Claro Advisors LLC now owns 2,861 shares of the technology retailer’s stock worth $246,000 after purchasing an additional 154 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Best Buy by 14.2% in the fourth quarter. Rosenberg Matthew Hamilton now owns 1,243 shares of the technology retailer’s stock valued at $107,000 after purchasing an additional 155 shares in the last quarter. Finally, Empirical Finance LLC lifted its position in Best Buy by 1.2% during the third quarter. Empirical Finance LLC now owns 15,012 shares of the technology retailer’s stock valued at $1,551,000 after purchasing an additional 173 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

NYSE BBY opened at $89.80 on Monday. The business’s 50 day moving average price is $86.10 and its 200-day moving average price is $90.43. The company has a market cap of $19.20 billion, a P/E ratio of 15.35, a P/E/G ratio of 2.13 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the business earned $1.29 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Analyst Ratings Changes

BBY has been the topic of a number of research reports. Citigroup lowered their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. UBS Group decreased their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Loop Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a research note on Wednesday, December 18th. Truist Financial decreased their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company cut their price target on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Activity

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s 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 sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.59% of the company’s stock.

Best Buy 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.