Kentucky Retirement Systems Insurance Trust Fund Sells 399 Shares of Best Buy Co., Inc. (NYSE:BBY)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 6.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,812 shares of the technology retailer’s stock after selling 399 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Best Buy were worth $600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Richardson Financial Services Inc. lifted its holdings in shares of Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC bought a new position in Best Buy during the second quarter worth $35,000. Harbor Capital Advisors Inc. acquired a new position in Best Buy during the 3rd quarter valued at $40,000. Whittier Trust Co. raised its stake in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BBY shares. DA Davidson reaffirmed a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. BNP Paribas raised Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. Bank of America lifted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. The Goldman Sachs Group upped their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Wedbush lifted their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Price Performance

NYSE:BBY opened at $89.00 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a market cap of $19.11 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a 12 month low of $62.92 and a 12 month high of $103.71. The company’s 50-day moving average price is $95.52 and its two-hundred day moving average price is $88.45.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. Best Buy’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.22%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

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.