Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 41,548 shares of the technology retailer’s stock after selling 1,185 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Best Buy were worth $3,565,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BBY. Pathstone Holdings LLC boosted its position in Best Buy by 2.7% in the 3rd quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer’s stock valued at $3,511,000 after buying an additional 899 shares during the period. PNC Financial Services Group Inc. boosted its position in Best Buy by 7.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer’s stock valued at $3,739,000 after buying an additional 2,548 shares during the period. Citizens Financial Group Inc. RI purchased a new stake in Best Buy in the 3rd quarter valued at about $223,000. Citigroup Inc. raised its holdings in shares of Best Buy by 4.1% in the 3rd quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock valued at $33,140,000 after purchasing an additional 12,694 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of Best Buy by 31.9% in the 3rd quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer’s stock valued at $17,109,000 after purchasing an additional 40,076 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Up 0.2 %

BBY stock opened at $73.63 on Monday. The firm’s fifty day simple moving average is $83.34 and its 200-day simple moving average is $89.01. The company has a market capitalization of $15.74 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. 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 12 month low of $69.29 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the prior year, the firm earned $2.72 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. Best Buy’s dividend payout ratio is 88.99%.

Analysts Set New Price Targets

Several research firms have recently commented on BBY. UBS Group set a $105.00 price target on shares of Best Buy in a report on Wednesday, March 5th. Telsey Advisory Group reduced their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Truist Financial reduced their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Finally, Jefferies Financial Group reduced their price objective on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average price target of $93.50.

Insider Buying and Selling

In other news, CEO Corie S. Barry purchased 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.

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.