State of Tennessee Department of Treasury Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

State of Tennessee Department of Treasury trimmed its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 21.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,137 shares of the technology retailer's stock after selling 20,446 shares during the period. State of Tennessee Department of Treasury's holdings in Best Buy were worth $6,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of BBY. Rakuten Securities Inc. increased its stake in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Best Buy in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. increased its position in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Best Buy during the fourth quarter worth $34,000. Finally, Trust Co. of Vermont lifted its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after acquiring an additional 384 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

NYSE:BBY traded down $1.37 during trading hours on Wednesday, hitting $65.31. The company's stock had a trading volume of 648,359 shares, compared to its average volume of 3,303,963. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market capitalization of $13.80 billion, a P/E ratio of 11.15, a PEG ratio of 2.10 and a beta of 1.42. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The stock has a fifty day simple moving average of $71.44 and a 200-day simple moving average of $82.46.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter last year, the business posted $2.72 earnings per share. On average, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were paid a $0.95 dividend. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.82%. Best Buy's dividend payout ratio is presently 88.99%.

Insider Activity at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 78,355 shares of company stock worth $5,767,213 over the last ninety days. Insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on BBY. Wells Fargo & Company dropped their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. Barclays decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Jefferies Financial Group dropped their price target on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Piper Sandler reduced their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Finally, Loop Capital reiterated a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $91.28.

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.