Teachers Retirement System of The State of Kentucky Grows Holdings in Best Buy Co., Inc. $BBY

Teachers Retirement System of The State of Kentucky increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 12.2% in the 1st quarter, Holdings Channel reports. The fund owned 376,216 shares of the technology retailer’s stock after buying an additional 41,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Best Buy were worth $24,152,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock worth $1,623,409,000 after acquiring an additional 307,905 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock valued at $613,001,000 after purchasing an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after purchasing an additional 160,713 shares during the last quarter. Invesco Ltd. boosted its position in shares of Best Buy by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock worth $316,718,000 after purchasing an additional 271,988 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Best Buy by 19.1% in the 4th quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock worth $252,881,000 after purchasing an additional 605,911 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY opened at $82.97 on Monday. The business’s fifty day simple moving average is $70.16 and its two-hundred day simple moving average is $67.04. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The company has a market cap of $17.49 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 2.20 and a beta of 1.30.

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

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.6%. Best Buy’s payout ratio is 71.11%.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the company’s stock in a transaction dated 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 transaction, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. The Goldman Sachs Group increased their target price on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research note on Friday, May 29th. Morgan Stanley raised their price target on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Wedbush lifted their price target on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Truist Financial upped their price target on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research note on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.