Kentucky Retirement Systems Insurance Trust Fund Increases Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 66.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,680 shares of the technology retailer's stock after purchasing an additional 3,868 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Best Buy were worth $831,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC grew its holdings in Best Buy by 6.8% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,028 shares of the technology retailer's stock valued at $623,000 after buying an additional 384 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Best Buy by 21.8% during the third quarter. Blue Trust Inc. now owns 5,452 shares of the technology retailer's stock valued at $563,000 after acquiring an additional 974 shares in the last quarter. Resonant Capital Advisors LLC bought a new stake in Best Buy in the third quarter valued at about $204,000. Waterway Wealth Management LLC increased its holdings in Best Buy by 4.7% in the third quarter. Waterway Wealth Management LLC now owns 6,116 shares of the technology retailer's stock valued at $632,000 after buying an additional 276 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its holdings in Best Buy by 3.6% in the third quarter. Foundations Investment Advisors LLC now owns 6,758 shares of the technology retailer's stock valued at $698,000 after buying an additional 237 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company's stock.

Best Buy Stock Performance

Shares of Best Buy stock traded down $0.12 during trading on Thursday, hitting $90.98. 3,450,313 shares of the company's stock traded hands, compared to its average volume of 2,454,997. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock has a market capitalization of $19.45 billion, a P/E ratio of 15.55, a PEG ratio of 2.13 and a beta of 1.43. The business has a 50-day simple moving average of $86.00 and a 200-day simple moving average of $90.23.

Best Buy (NYSE:BBY - Get Free Report) last issued its 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). The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $1.29 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.13%. The ex-dividend date was Tuesday, December 17th. Best Buy's payout ratio is 64.27%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BBY. JPMorgan Chase & Co. boosted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. Citigroup cut their target price on shares of Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Wells Fargo & Company dropped their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 27th. StockNews.com cut shares of Best Buy from a "buy" rating to a "hold" rating in a report on Friday, November 15th. Finally, Barclays decreased their price objective on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of "Moderate Buy" and an average target price of $101.72.

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.