Kentucky Retirement Systems Insurance Trust Fund Sells 575 Shares of Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,326 shares of the technology retailer’s stock after selling 575 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Best Buy were worth $519,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. AMF Tjanstepension AB purchased a new position in Best Buy in the first quarter worth $8,676,000. Bridgewater Associates LP boosted its position in Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock worth $15,277,000 after purchasing an additional 50,438 shares during the last quarter. Cerity Partners LLC boosted its position in Best Buy by 8.4% in the fourth quarter. Cerity Partners LLC now owns 103,459 shares of the technology retailer’s stock worth $8,100,000 after purchasing an additional 8,042 shares during the last quarter. Private Advisor Group LLC purchased a new position in Best Buy in the fourth quarter worth $328,000. Finally, Principal Securities Inc. purchased a new position in Best Buy in the fourth quarter worth $341,000. Institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,383,370 shares of company stock worth $288,293,276. 0.59% of the stock is owned by insiders.

Best Buy Price Performance

Shares of NYSE BBY remained flat at $87.35 during trading hours on Friday. The company had a trading volume of 1,734,759 shares, compared to its average volume of 2,898,491. The stock has a market cap of $18.84 billion, a P/E ratio of 15.30, a P/E/G ratio of 2.82 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $93.72. The business’s 50-day moving average is $84.52 and its 200-day moving average is $79.07.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same period last year, the firm posted $1.15 EPS. Best Buy’s revenue for the quarter was down 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date was Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BBY shares. Loop Capital boosted their price objective on Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 7th. DA Davidson upped their price target on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Jefferies Financial Group dropped their price target on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Truist Financial reaffirmed a “hold” rating and set a $86.00 price target on shares of Best Buy in a research report on Monday, July 1st. Finally, Evercore ISI upped their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, May 31st. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.87.

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.