Strs Ohio Sells 141,007 Shares of Best Buy Co., Inc. $BBY

Strs Ohio reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 50.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 140,623 shares of the technology retailer’s stock after selling 141,007 shares during the period. Strs Ohio’s holdings in Best Buy were worth $9,028,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BBY. AQR Capital Management LLC raised its position in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank bought a new position in Best Buy in the fourth quarter worth $174,685,000. Schroder Investment Management Group raised its holdings in Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after purchasing an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC lifted its position in Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Best Buy by 293.6% during the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after buying an additional 785,294 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was 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. This trade represents a 7.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Wells Fargo & Company lifted their price target on shares of Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, May 28th. Guggenheim reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. UBS Group restated a “neutral” rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Finally, Morgan Stanley raised their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Price Performance

Shares of NYSE:BBY opened at $77.81 on Monday. The business has a fifty day moving average price of $68.18 and a 200-day moving average price of $66.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company has a market capitalization of $16.40 billion, a PE ratio of 14.41, a PEG ratio of 2.08 and a beta of 1.30. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $84.99.

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

Best Buy Announces Dividend

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

Best Buy Company 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.