California Public Employees Retirement System Sells 24,038 Shares of Best Buy Co., Inc. (NYSE:BBY)

California Public Employees Retirement System trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 371,381 shares of the technology retailer’s stock after selling 24,038 shares during the quarter. California Public Employees Retirement System owned 0.17% of Best Buy worth $31,864,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Public Sector Pension Investment Board grew its holdings in shares of Best Buy by 4.2% during the third quarter. Public Sector Pension Investment Board now owns 7,420 shares of the technology retailer’s stock valued at $766,000 after buying an additional 300 shares during the last quarter. Captrust Financial Advisors increased its holdings in Best Buy by 7.1% during the 3rd quarter. Captrust Financial Advisors now owns 25,735 shares of the technology retailer’s stock worth $2,658,000 after purchasing an additional 1,698 shares in the last quarter. Ascent Group LLC raised its stake in shares of Best Buy by 2.3% in the third quarter. Ascent Group LLC now owns 8,840 shares of the technology retailer’s stock worth $913,000 after purchasing an additional 197 shares during the last quarter. Centiva Capital LP bought a new position in shares of Best Buy in the third quarter valued at approximately $292,000. Finally, Hilltop Holdings Inc. boosted its position in shares of Best Buy by 25.8% during the third quarter. Hilltop Holdings Inc. now owns 10,683 shares of the technology retailer’s stock valued at $1,103,000 after buying an additional 2,190 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Citigroup dropped their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group cut their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Bank of America decreased their price objective on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Loop Capital restated a “negative” rating on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Truist Financial decreased their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $93.50.

Insider Transactions at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the completion of the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

NYSE:BBY opened at $75.77 on Thursday. The business’s fifty day moving average is $81.98 and its 200 day moving average is $87.76. The firm has a market cap of $16.02 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 2.10 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 52-week low of $69.29 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. Research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is 88.99%.

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.