Illinois Municipal Retirement Fund Has $6.98 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Illinois Municipal Retirement Fund cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 31.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Hartford Financial Management Inc. boosted its holdings in Best Buy by 56.5% during the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 140 shares in the last quarter. UMB Bank n.a. grew its position in Best Buy by 4.0% in the fourth quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock valued at $301,000 after acquiring an additional 148 shares during the period. Allworth Financial LP raised its stake in Best Buy by 14.6% during the third quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock worth $84,000 after acquiring an additional 155 shares in the last quarter. Estate Counselors LLC lifted its holdings in shares of Best Buy by 1.1% during the third quarter. Estate Counselors LLC now owns 15,290 shares of the technology retailer’s stock valued at $1,062,000 after acquiring an additional 160 shares during the period. Finally, Global Retirement Partners LLC boosted its stake in shares of Best Buy by 14.1% in the 4th quarter. Global Retirement Partners LLC now owns 1,341 shares of the technology retailer’s stock valued at $96,000 after purchasing an additional 166 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Down 0.1 %

BBY opened at $75.05 on Wednesday. The firm has a 50 day simple moving average of $77.98 and a 200 day simple moving average of $74.07. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $86.11. The company has a market cap of $16.16 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.96 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a dividend of $0.94 per share. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 5.01%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Insider Activity

In related news, CEO Corie S. Barry sold 28,042 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now owns 429,159 shares in the company, valued at $35,105,206.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 28,042 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 52,023 shares of company stock valued at $4,253,900 in the last ninety days. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BBY. Citigroup lifted their price target on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a report on Friday, March 1st. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $85.00 to $95.00 in a report on Wednesday, March 20th. Truist Financial raised their price target on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a report on Friday, March 1st. Barclays boosted their price objective on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Finally, The Goldman Sachs Group increased their target price on Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.60.

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.