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

Kentucky Retirement Systems lowered its position in Best Buy Co., Inc. (NYSE:BBY) by 5.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 13,675 shares of the technology retailer’s stock after selling 835 shares during the period. Kentucky Retirement Systems’ holdings in Best Buy were worth $1,413,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Richardson Financial Services Inc. grew its stake in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Best Buy in the second quarter valued at approximately $35,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Best Buy in the third quarter valued at approximately $40,000. Whittier Trust Co. increased its holdings in shares of Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. DA Davidson reaffirmed a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Telsey Advisory Group raised their price target on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Loop Capital upped their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.35.

Best Buy Trading Down 3.9 %

NYSE BBY opened at $89.00 on Tuesday. Best Buy Co., Inc. has a one year low of $62.92 and a one year high of $103.71. The firm has a 50 day simple moving average of $95.52 and a 200-day simple moving average of $88.45. The firm has a market cap of $19.11 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 2.43 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy’s dividend payout ratio is currently 64.83%.

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.