New York State Common Retirement Fund Sells 100,705 Shares of Best Buy Co., Inc. (NYSE:BBY)

New York State Common Retirement Fund lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 27.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 263,000 shares of the technology retailer’s stock after selling 100,705 shares during the period. New York State Common Retirement Fund’s holdings in Best Buy were worth $30,195,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the company. Altium Wealth Management LLC lifted its stake in shares of Best Buy by 4.2% in the 4th quarter. Altium Wealth Management LLC now owns 2,194 shares of the technology retailer’s stock worth $219,000 after purchasing an additional 89 shares during the period. QS Investors LLC lifted its stake in shares of Best Buy by 0.3% in the 4th quarter. QS Investors LLC now owns 29,072 shares of the technology retailer’s stock worth $2,901,000 after purchasing an additional 97 shares during the period. Doheny Asset Management CA lifted its stake in shares of Best Buy by 2.7% in the 4th quarter. Doheny Asset Management CA now owns 3,850 shares of the technology retailer’s stock worth $384,000 after purchasing an additional 100 shares during the period. Jennison Associates LLC lifted its stake in shares of Best Buy by 0.7% in the 4th quarter. Jennison Associates LLC now owns 15,256 shares of the technology retailer’s stock worth $1,522,000 after purchasing an additional 101 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Best Buy by 7.3% in the 1st quarter. Parallel Advisors LLC now owns 1,730 shares of the technology retailer’s stock worth $199,000 after purchasing an additional 117 shares during the period. Hedge funds and other institutional investors own 77.39% of the company’s stock.

BBY stock opened at $112.54 on Friday. The firm has a fifty day simple moving average of $118.02. Best Buy Co., Inc. has a fifty-two week low of $75.23 and a fifty-two week high of $128.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.58 and a current ratio of 1.17. The stock has a market capitalization of $28.19 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.66 and a beta of 1.53.

Best Buy (NYSE:BBY) last posted its earnings results on Wednesday, May 26th. The technology retailer reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.84. Best Buy had a net margin of 4.44% and a return on equity of 59.67%. The firm had revenue of $11.64 billion during the quarter, compared to analyst estimates of $10.43 billion. During the same period last year, the firm posted $0.67 earnings per share. Best Buy’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, research analysts anticipate that Best Buy Co., Inc. will post 8.53 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Investors of record on Thursday, June 17th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Wednesday, June 16th. Best Buy’s dividend payout ratio (DPR) is presently 35.40%.

Several equities analysts have recently weighed in on BBY shares. Piper Sandler increased their price objective on shares of Best Buy from $140.00 to $144.00 and gave the stock an “overweight” rating in a research note on Friday, May 28th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Best Buy to a “buy” rating and raised their target price for the stock from $86.00 to $109.00 in a research note on Friday, May 28th. Telsey Advisory Group raised their target price on shares of Best Buy from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, May 28th. Barclays raised their target price on shares of Best Buy from $121.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, May 28th. Finally, Raymond James raised their target price on shares of Best Buy from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, May 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $120.79.

In related news, COO Rajendra M. Mohan sold 90,335 shares of the firm’s stock in a transaction on Friday, May 28th. The shares were sold at an average price of $115.71, for a total value of $10,452,662.85. Following the completion of the transaction, the chief operating officer now directly owns 168,031 shares of the company’s stock, valued at $19,442,867.01. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 2,257 shares of Best Buy stock in a transaction on Monday, May 10th. The stock was sold at an average price of $125.00, for a total transaction of $282,125.00. Following the transaction, the chief accounting officer now directly owns 13,145 shares of the company’s stock, valued at $1,643,125. The disclosure for this sale can be found here. Over the last three months, insiders sold 182,358 shares of company stock valued at $21,229,515. 0.36% of the stock is currently owned by insiders.

Best Buy Profile

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also: Consumer Price Index (CPI)

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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