Illinois Municipal Retirement Fund Sells 40,883 Shares of Best Buy Co., Inc. (NYSE:BBY)

Illinois Municipal Retirement Fund decreased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 31.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 89,140 shares of the technology retailer’s stock after selling 40,883 shares during the period. Illinois Municipal Retirement Fund’s holdings in Best Buy were worth $6,978,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Foster & Motley Inc. raised its stake in Best Buy by 11.0% during the fourth quarter. Foster & Motley Inc. now owns 55,486 shares of the technology retailer’s stock worth $4,343,000 after acquiring an additional 5,486 shares in the last quarter. Duality Advisers LP bought a new stake in shares of Best Buy during the 4th quarter valued at approximately $1,590,000. OLD National Bancorp IN increased its position in Best Buy by 3.9% during the 4th quarter. OLD National Bancorp IN now owns 102,018 shares of the technology retailer’s stock worth $7,986,000 after purchasing an additional 3,833 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Best Buy by 20.8% in the 4th quarter. Handelsbanken Fonder AB now owns 84,529 shares of the technology retailer’s stock valued at $6,617,000 after purchasing an additional 14,537 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Best Buy by 3.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,401 shares of the technology retailer’s stock valued at $2,458,000 after buying an additional 1,028 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $89.00 to $101.00 in a report on Friday, March 22nd. Truist Financial upped their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. Wedbush upped their price objective on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Jefferies Financial Group dropped their price objective on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $84.60.

Best Buy Trading Down 0.1 %

BBY opened at $75.05 on Wednesday. The stock has a market cap of $16.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11. The company has a fifty day moving average of $77.98 and a 200-day moving average of $74.07.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. The firm had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business’s revenue was down .6% compared to the same quarter last year. During the same period last year, the business posted $2.61 EPS. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were paid a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 annualized dividend and a yield of 5.01%. Best Buy’s payout ratio is 66.08%.

Insiders Place Their Bets

In related news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now owns 431,231 shares of the company’s stock, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,023 shares of company stock worth $4,253,900. Corporate insiders own 0.56% of the company’s stock.

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.