Illinois Municipal Retirement Fund Cuts Holdings in Best Buy Co., Inc. (NYSE:BBY)

Illinois Municipal Retirement Fund trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 149,685 shares of the technology retailer's stock after selling 11,715 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.07% of Best Buy worth $11,018,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Stevens Capital Management LP increased its holdings in Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after buying an additional 15,741 shares during the period. Invesco Ltd. increased its holdings in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares during the period. Vanguard Group Inc. increased its holdings in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after buying an additional 191,161 shares during the period. APG Asset Management N.V. purchased a new position in Best Buy during the fourth quarter valued at approximately $9,073,000. Finally, GAMMA Investing LLC increased its holdings in Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after buying an additional 170,050 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on BBY. Citigroup reissued a "neutral" rating and set a $70.00 price objective (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Piper Sandler cut their price target on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and issued a $90.00 price target on shares of Best Buy in a report on Tuesday, June 10th. Loop Capital cut their price target on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $86.11.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now directly owns 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.47% of the stock is currently owned by insiders.

Best Buy Price Performance

Shares of BBY opened at $68.19 on Friday. The firm has a market capitalization of $14.41 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 1.81 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company's fifty day moving average price is $69.29 and its 200-day moving average price is $76.26.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.57%. Best Buy's dividend payout ratio is presently 92.91%.

About Best Buy

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.

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