New York State Teachers Retirement System Acquires 10,874 Shares of Best Buy Co., Inc. $BBY

New York State Teachers Retirement System lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,349 shares of the technology retailer’s stock after buying an additional 10,874 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Best Buy worth $12,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Y Intercept Hong Kong Ltd purchased a new position in Best Buy in the 1st quarter valued at approximately $2,703,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Best Buy by 74.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 82,972 shares of the technology retailer’s stock worth $5,327,000 after acquiring an additional 35,450 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Best Buy during the first quarter worth $2,851,000. Sound Income Strategies LLC boosted its holdings in shares of Best Buy by 694.8% in the first quarter. Sound Income Strategies LLC now owns 1,820 shares of the technology retailer’s stock worth $117,000 after acquiring an additional 1,591 shares during the period. Finally, Root Financial Partners LLC boosted its holdings in shares of Best Buy by 438.1% in the first quarter. Root Financial Partners LLC now owns 2,895 shares of the technology retailer’s stock worth $186,000 after acquiring an additional 2,357 shares during the period. 80.96% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 in the last three months. 0.50% of the stock is owned by insiders.

Best Buy Trading Down 0.2%

Shares of BBY stock opened at $77.81 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $84.99. The company has a market capitalization of $16.40 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. The business’s fifty day moving average is $68.18 and its 200 day moving average is $66.77.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter last year, the company earned $1.15 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BBY. UBS Group reiterated a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Loop Capital cut their target price on Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Piper Sandler reaffirmed a “neutral” rating and set a $77.00 target price on shares of Best Buy in a report on Thursday, May 28th. Jefferies Financial Group upped their price target on Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group increased their price target on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.