Kentucky Retirement Systems Insurance Trust Fund Has $600,000 Position in Best Buy Co., Inc. (NYSE:BBY)

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

Other large investors have also recently bought and sold shares of the company. Acadian Asset Management LLC raised its position in shares of Best Buy by 7,829.2% during the first quarter. Acadian Asset Management LLC now owns 21,488 shares of the technology retailer’s stock worth $1,762,000 after acquiring an additional 21,217 shares during the last quarter. Shell Asset Management Co. raised its holdings in Best Buy by 26.8% during the 1st quarter. Shell Asset Management Co. now owns 45,867 shares of the technology retailer’s stock worth $3,762,000 after purchasing an additional 9,695 shares during the last quarter. LGT Group Foundation lifted its position in Best Buy by 47.8% during the 1st quarter. LGT Group Foundation now owns 6,030 shares of the technology retailer’s stock valued at $495,000 after purchasing an additional 1,950 shares during the period. Stonebridge Capital Advisors LLC bought a new position in shares of Best Buy in the 1st quarter valued at about $255,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Best Buy during the 1st quarter worth approximately $849,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

BBY stock opened at $89.00 on Tuesday. The stock 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. The stock has a 50-day moving average price of $95.52 and a two-hundred day moving average price of $88.45. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

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

Best Buy Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BBY. Barclays increased their price objective on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Citigroup decreased their price objective on Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, November 8th. DA Davidson reissued a “buy” rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Telsey Advisory Group boosted their target price on Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group upped their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.35.

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.