Teachers Retirement System of The State of Kentucky trimmed its holdings in Best Buy Co Inc (NYSE:BBY) by 2.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 229,245 shares of the technology retailer’s stock after selling 5,700 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Best Buy were worth $18,193,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of BBY. LFA Lugano Financial Advisors SA purchased a new stake in shares of Best Buy in the second quarter valued at about $174,000. Squar Milner Financial Services LLC purchased a new stake in shares of Best Buy in the second quarter valued at about $201,000. RFG Advisory Group LLC purchased a new stake in shares of Best Buy in the second quarter valued at about $210,000. Courier Capital LLC purchased a new stake in shares of Best Buy in the second quarter valued at about $217,000. Finally, Checchi Capital Advisers LLC purchased a new stake in shares of Best Buy in the third quarter valued at about $234,000. Institutional investors and hedge funds own 85.21% of the company’s stock.
Shares of BBY stock opened at $67.78 on Friday. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25. The stock has a market cap of $18.41 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.04 and a beta of 1.01. Best Buy Co Inc has a 1-year low of $52.92 and a 1-year high of $84.37.
In other Best Buy news, CFO Corie S. Barry sold 6,783 shares of the stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $72.80, for a total transaction of $493,802.40. Following the completion of the transaction, the chief financial officer now owns 80,961 shares of the company’s stock, valued at $5,893,960.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Corie S. Barry sold 2,982 shares of the stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $78.35, for a total transaction of $233,639.70. Following the transaction, the chief financial officer now directly owns 72,838 shares of the company’s stock, valued at approximately $5,706,857.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,711 shares of company stock valued at $6,081,426. 0.75% of the stock is currently owned by insiders.
BBY has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 price objective for the company in a report on Tuesday, July 24th. Barclays reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Wednesday, August 29th. Morgan Stanley upped their price objective on shares of Best Buy from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, October 11th. Bank of America lowered shares of Best Buy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $92.00 to $70.00 in a report on Tuesday. Finally, ValuEngine raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Thursday, July 19th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $79.25.
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Best Buy 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.
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