New York State Common Retirement Fund Has $10.74 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

New York State Common Retirement Fund lowered its stake in Best Buy Co., Inc. (NYSE:BBY) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,227 shares of the technology retailer’s stock after selling 3,900 shares during the quarter. New York State Common Retirement Fund owned 0.06% of Best Buy worth $10,744,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Best Buy in the fourth quarter valued at $32,000. Trust Co. of Vermont grew its stake in shares of Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after buying an additional 384 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC raised its stake in Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after buying an additional 335 shares during the period. Finally, Brooklyn Investment Group bought a new position in Best Buy in the third quarter worth approximately $44,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BBY shares. Barclays lowered their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Truist Financial reduced their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Guggenheim decreased their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Telsey Advisory Group dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Insiders Place Their Bets

In other 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 transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

NYSE BBY opened at $88.69 on Tuesday. The company has a market capitalization of $18.96 billion, a PE ratio of 15.16, a price-to-earnings-growth ratio of 2.13 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. The company has a 50-day simple moving average of $86.10 and a 200 day simple moving average of $90.47.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter in the previous year, the business earned $1.29 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

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.