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% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 202,284 shares of the technology retailer’s stock after acquiring an additional 18,487 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Best Buy worth $17,356,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its holdings in Best Buy by 10.5% in the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after acquiring an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock worth $9,332,000 after acquiring an additional 19,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Best Buy by 13.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock worth $15,806,000 after acquiring an additional 18,171 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. increased its holdings in Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after acquiring an additional 8,640 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new stake in Best Buy in the 4th quarter worth about $453,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $91.16 on Monday. The business has a 50 day moving average of $85.76 and a 200 day moving average of $90.10. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last released 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 return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. During the same quarter in the previous year, the firm earned $1.29 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

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

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BBY. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. JPMorgan Chase & Co. lifted their target price on Best Buy from $111.00 to $117.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Morgan Stanley reduced their target price on Best Buy from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. UBS Group reduced their target price on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Finally, Truist Financial reduced their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and an average price target of $101.72.

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.