Best Buy Co., Inc. (NYSE:BBY) Position Boosted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 11.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,400 shares of the technology retailer’s stock after buying an additional 17,159 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.08% of Best Buy worth $13,848,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after buying an additional 459,353 shares in the last quarter. Skylands Capital LLC boosted its stake in Best Buy by 22.5% during the 4th quarter. Skylands Capital LLC now owns 9,250 shares of the technology retailer’s stock valued at $794,000 after purchasing an additional 1,700 shares in the last quarter. GHE LLC boosted its stake in Best Buy by 4.3% during the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after purchasing an additional 788 shares in the last quarter. Rothschild Investment LLC boosted its stake in Best Buy by 19.7% during the 4th quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock valued at $218,000 after purchasing an additional 125 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

BBY opened at $90.02 on Wednesday. The stock has a fifty day moving average of $86.15 and a 200-day moving average of $90.52. The firm has a market capitalization of $19.25 billion, a P/E ratio of 15.39, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (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 during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the company earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction on Wednesday, December 11th. The stock was 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 in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BBY. Barclays decreased their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Loop Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Best Buy in a research note on Wednesday, December 18th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Tuesday, November 26th. Finally, Morgan Stanley cut their price objective on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target 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.