California Public Employees Retirement System Has $35,840,000 Position in Best Buy Co. (BBY)

California Public Employees Retirement System Has $35,840,000 Position in Best Buy Co. (BBY)

California Public Employees Retirement System cut its stake in Best Buy Co. (NYSE:BBY) by 5.4% during the third quarter, Holdings Channel reports. The institutional investor owned 938,718 shares of the technology retailer’s stock after selling 54,100 shares during the period. California Public Employees Retirement System’s holdings in Best Buy were worth $35,840,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Advantus Capital Management Inc raised its stake in Best Buy by 0.4% in the second quarter. Advantus Capital Management Inc now owns 27,269 shares of the technology retailer’s stock valued at $834,000 after buying an additional 108 shares in the last quarter. Blair William & Co. IL raised its stake in Best Buy by 0.7% in the second quarter. Blair William & Co. IL now owns 17,829 shares of the technology retailer’s stock valued at $546,000 after buying an additional 125 shares in the last quarter. Pacer Advisors Inc. raised its stake in Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock valued at $124,000 after buying an additional 253 shares in the last quarter. Commonwealth Bank of Australia raised its stake in Best Buy by 0.4% in the second quarter. Commonwealth Bank of Australia now owns 104,853 shares of the technology retailer’s stock valued at $3,209,000 after buying an additional 367 shares in the last quarter. Finally, Jensen Investment Management Inc. raised its stake in Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock valued at $389,000 after buying an additional 440 shares in the last quarter. Institutional investors own 87.07% of the company’s stock.

Best Buy Co. (NYSE:BBY) traded down 1.374% during midday trading on Wednesday, hitting $44.135. 461,334 shares of the company were exchanged. Best Buy Co. has a one year low of $25.31 and a one year high of $49.40. The stock has a market capitalization of $13.85 billion, a PE ratio of 13.175 and a beta of 1.57. The firm’s 50-day moving average price is $45.18 and its 200-day moving average price is $37.78.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.15. The business earned $8.95 billion during the quarter, compared to analyst estimates of $8.85 billion. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the business earned $0.41 EPS. Equities research analysts anticipate that Best Buy Co. will post $3.28 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, December 6th. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. Best Buy’s dividend payout ratio (DPR) is presently 33.73%.

Several analysts have recently weighed in on BBY shares. Jefferies Group reiterated a “buy” rating and set a $0.15 target price on shares of Best Buy in a research report on Tuesday, November 22nd. Loop Capital started coverage on shares of Best Buy in a research report on Tuesday, December 6th. They set a “buy” rating and a $58.00 target price on the stock. Morgan Stanley reiterated a “buy” rating and set a $43.00 target price (up from $35.00) on shares of Best Buy in a research report on Wednesday, December 7th. Evercore ISI lowered shares of Best Buy from a “hold” rating to a “sell” rating in a research report on Tuesday, November 8th. They noted that the move was a valuation call. Finally, Bank of America Corp. upgraded shares of Best Buy from an “underperform” rating to a “neutral” rating in a research report on Tuesday, December 6th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $39.66.

In related news, major shareholder Richard M. Schulze sold 90,000 shares of the firm’s stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $47.28, for a total value of $4,255,200.00. Following the completion of the transaction, the insider now owns 1,732,500 shares in the company, valued at approximately $81,912,600. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 675,000 shares of the firm’s stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $48.53, for a total transaction of $32,757,750.00. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $84,078,225. The disclosure for this sale can be found here. 1.21% of the stock is currently owned by corporate insiders.

Best Buy Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co. (NYSE:BBY).

Related posts

Leave a Comment