Best Buy Co., Inc. (NYSE:BBY) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 380,254 shares of the technology retailer’s stock after selling 5,207 shares during the period. California Public Employees Retirement System owned 0.18% of Best Buy worth $29,766,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BBY. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 302 shares during the last quarter. Naples Money Management LLC acquired a new position in shares of Best Buy during the 4th quarter worth approximately $27,000. Stonebridge Capital Advisors LLC raised its position in shares of Best Buy by 81.9% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after buying an additional 185 shares during the period. Hartford Financial Management Inc. raised its position in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after buying an additional 140 shares during the period. Finally, CENTRAL TRUST Co raised its position in shares of Best Buy by 72.5% during the 4th quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer’s stock valued at $79,000 after buying an additional 422 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $85.00 to $95.00 in a research report on Wednesday, March 20th. Jefferies Financial Group reduced their price target on shares of 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 lifted their price target on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, TheStreet raised shares of Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $84.60.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,520 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now owns 22,118 shares of the company’s stock, valued at $1,823,186.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 3,520 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $82.43, for a total value of $290,153.60. Following the transaction, the chief accounting officer now directly owns 22,118 shares in the company, valued at approximately $1,823,186.74. The disclosure for this sale can be found here. Insiders have sold 52,023 shares of company stock valued at $4,253,900 over the last quarter. 0.56% of the stock is owned by insiders.

Best Buy Stock Down 0.3 %

Shares of NYSE BBY opened at $75.05 on Friday. The stock has a market cap of $16.16 billion, a P/E ratio of 13.19, a PEG ratio of 1.96 and a beta of 1.49. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $86.11. The business’s fifty day simple moving average is $78.02 and its 200-day simple moving average is $74.14.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm earned $2.61 earnings per share. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 5.01%. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is 66.08%.

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.