California Public Employees Retirement System lowered its stake in shares of Best Buy Co Inc (NYSE:BBY) by 9.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 838,363 shares of the technology retailer’s stock after selling 89,184 shares during the quarter. California Public Employees Retirement System owned approximately 0.30% of Best Buy worth $58,677,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its holdings in Best Buy by 61.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock worth $231,374,000 after purchasing an additional 1,280,600 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in Best Buy in the fourth quarter worth $86,840,000. Bank of New York Mellon Corp boosted its holdings in Best Buy by 31.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock worth $361,491,000 after purchasing an additional 1,264,528 shares during the period. Capital Growth Management LP acquired a new position in Best Buy in the fourth quarter worth $50,668,000. Finally, Teacher Retirement System of Texas boosted its holdings in Best Buy by 415.8% in the fourth quarter. Teacher Retirement System of Texas now owns 785,272 shares of the technology retailer’s stock worth $53,768,000 after purchasing an additional 633,034 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Hubert Joly sold 240,468 shares of Best Buy stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $69.61, for a total transaction of $16,738,977.48. Following the sale, the chief executive officer now directly owns 698,769 shares in the company, valued at $48,641,310.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Corie S. Barry sold 399 shares of Best Buy stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total transaction of $28,907.55. Following the sale, the chief financial officer now owns 81,206 shares in the company, valued at $5,883,374.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 344,848 shares of company stock worth $24,103,046. Company insiders own 0.75% of the company’s stock.

Shares of Best Buy opened at $68.25 on Friday, according to Marketbeat Ratings. Best Buy Co Inc has a 1 year low of $51.61 and a 1 year high of $79.90. The firm has a market cap of $19.22 billion, a PE ratio of 15.44, a PEG ratio of 1.05 and a beta of 0.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.27 and a quick ratio of 0.56.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 24th. The technology retailer reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.08. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The company had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $8.75 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. analysts anticipate that Best Buy Co Inc will post 5.01 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 14th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Wednesday, June 13th. Best Buy’s dividend payout ratio is currently 40.72%.

A number of research firms have commented on BBY. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday. Wedbush set a $48.00 price objective on shares of Best Buy and gave the stock a “sell” rating in a report on Sunday, May 27th. ValuEngine downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, May 26th. Loop Capital set a $85.00 price objective on shares of Best Buy and gave the stock a “buy” rating in a report on Thursday, May 24th. Finally, Wells Fargo & Co set a $77.00 price objective on shares of Best Buy and gave the stock a “hold” rating in a report on Thursday, May 24th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Best Buy has a consensus rating of “Hold” and a consensus price target of $72.41.

Best Buy Company Profile

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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