Kentucky Retirement Systems Insurance Trust Fund Acquires 3,868 Shares of Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems Insurance Trust Fund grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 66.6% in the fourth quarter, Holdings Channel reports. The firm owned 9,680 shares of the technology retailer’s stock after buying an additional 3,868 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Best Buy were worth $831,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BBY. Nordea Investment Management AB increased its holdings in shares of Best Buy by 563.8% in the 4th quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock worth $50,643,000 after purchasing an additional 503,204 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Best Buy by 817.4% in the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after buying an additional 479,256 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after buying an additional 241,988 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock worth $73,016,000 after buying an additional 201,562 shares during the last quarter. Finally, TCW Group Inc. boosted its stake in shares of Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock worth $32,704,000 after buying an additional 193,209 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of Best Buy stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.59% of the company’s stock.

Best Buy Price Performance

NYSE:BBY opened at $91.02 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $85.84 and its two-hundred day simple moving average is $90.17. The stock has a market cap of $19.46 billion, a PE ratio of 15.56, a P/E/G ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the prior year, the business earned $1.29 earnings per share. Best Buy’s revenue was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.13%. Best Buy’s dividend payout ratio (DPR) is 64.27%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Loop Capital restated a “buy” rating and issued a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. Citigroup dropped their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Telsey Advisory Group lowered their target price on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. Finally, Morgan Stanley lowered their target price on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Company 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.