State of New Jersey Common Pension Fund D Sells 4,451 Shares of Best Buy Co., Inc. (NYSE:BBY)

State of New Jersey Common Pension Fund D trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,211 shares of the technology retailer’s stock after selling 4,451 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Best Buy were worth $8,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Disciplined Equity Management Inc. lifted its stake in Best Buy by 1.1% in the 4th quarter. Disciplined Equity Management Inc. now owns 15,093 shares of the technology retailer’s stock valued at $1,181,000 after acquiring an additional 160 shares in the last quarter. GHE LLC lifted its stake in Best Buy by 1.7% in the 4th quarter. GHE LLC now owns 18,154 shares of the technology retailer’s stock valued at $1,421,000 after acquiring an additional 302 shares in the last quarter. Atria Wealth Solutions Inc. lifted its stake in Best Buy by 98.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 13,062 shares of the technology retailer’s stock valued at $1,032,000 after acquiring an additional 6,465 shares in the last quarter. Magnolia Capital Advisors LLC bought a new stake in Best Buy in the 4th quarter valued at approximately $1,031,000. Finally, Bfsg LLC bought a new stake in Best Buy in the 4th quarter valued at approximately $25,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 366 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, CEO Corie S. Barry sold 28,042 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 $2,293,835.60. Following the completion of the sale, the chief executive officer now owns 429,159 shares of the company’s stock, valued at $35,105,206.20. 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 company’s stock in a transaction on Wednesday, April 17th. The stock was 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 valued at $4,253,900. 0.56% of the stock is owned by corporate insiders.

Best Buy Stock Performance

BBY traded down $0.20 during trading hours on Friday, reaching $75.04. The company’s stock had a trading volume of 2,125,216 shares, compared to its average volume of 2,975,439. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $86.11. The company’s 50-day moving average is $77.99 and its 200-day moving average is $74.08. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The firm has a market cap of $16.16 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.94 and a beta of 1.49.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same period in the prior year, the firm posted $2.61 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

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

Analyst Ratings Changes

Several research firms have commented on BBY. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Thursday, February 29th. Citigroup upped their price objective on Best Buy from $67.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Jefferies Financial Group dropped their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $85.00 to $95.00 in a research note on Wednesday, March 20th. Finally, Barclays upped 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.