New York State Teachers Retirement System Acquires 18,487 Shares of Best Buy Co., Inc. (NYSE:BBY)

New York State Teachers Retirement System increased its position in Best Buy Co., Inc. (NYSE:BBY) by 10.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 202,284 shares of the technology retailer’s stock after purchasing an additional 18,487 shares during the period. New York State Teachers Retirement System’s holdings in Best Buy were worth $17,356,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in Best Buy in the fourth quarter worth $32,000. Trust Co. of Vermont grew its stake in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the third quarter worth $40,000. LRI Investments LLC grew its stake in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Best Buy in the third quarter worth $44,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Up 2.2 %

BBY stock opened at $91.16 on Monday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The business’s 50-day moving average is $85.76 and its two-hundred day moving average is $90.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 2.01 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same period in the prior year, the company posted $1.29 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Tuesday, December 17th. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

BBY has been the topic of several recent research reports. Wells Fargo & Company reduced their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 27th. UBS Group cut their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Loop Capital reissued a “buy” rating and issued a $100.00 target price on shares of Best Buy in a research note on Wednesday, December 18th. Morgan Stanley cut their target price on Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 21st. Finally, StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Best Buy Company 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.