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 - Free Report) by 6.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 371,381 shares of the technology retailer's stock after selling 24,038 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Best Buy worth $31,864,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBY. Public Sector Pension Investment Board increased its position 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 worth $766,000 after acquiring an additional 300 shares during the last quarter. Captrust Financial Advisors grew its stake in Best Buy by 7.1% during the 3rd quarter. Captrust Financial Advisors now owns 25,735 shares of the technology retailer's stock valued at $2,658,000 after purchasing an additional 1,698 shares in the last quarter. Ascent Group LLC increased its holdings in Best Buy by 2.3% during the 3rd 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 acquired a new position in shares of Best Buy in the 3rd quarter valued at approximately $292,000. Finally, Hilltop Holdings Inc. boosted its stake in shares of Best Buy by 25.8% during the 3rd 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. Hedge funds and other institutional investors own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BBY shares. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Citigroup restated a "neutral" rating and set a $70.00 price objective (down previously from $93.00) on shares of Best Buy in a research note on Thursday. Finally, Barclays reduced their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Thursday, January 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $92.22.

Insider Activity

In related news, CAO Mathew Watson sold 2,951 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 21,371 shares of the company's stock, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the transaction, the insider now owns 32,320 shares in the company, valued at $2,348,048. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company's stock.

Best Buy Stock Performance

Best Buy stock traded up $0.66 during mid-day trading on Monday, hitting $61.10. 9,967,046 shares of the company's stock traded hands, compared to its average volume of 3,147,364. Best Buy Co., Inc. has a one year low of $57.34 and a one year high of $103.71. The firm has a 50 day moving average price of $80.54 and a 200 day moving average price of $86.88. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $12.91 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the previous year, the company earned $2.72 earnings per share. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.22%. Best Buy's dividend payout ratio is currently 88.99%.

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.