Best Buy Co., Inc. $BBY Stock Sold by North Dakota State Investment Board

North Dakota State Investment Board cut its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 68.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,826 shares of the technology retailer’s stock after selling 23,799 shares during the quarter. North Dakota State Investment Board’s holdings in Best Buy were worth $955,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. VestGen Advisors LLC acquired a new position in Best Buy in the 3rd quarter valued at $248,000. Lynx Investment Advisory grew its position in shares of Best Buy by 142.3% in the third quarter. Lynx Investment Advisory now owns 10,408 shares of the technology retailer’s stock valued at $918,000 after purchasing an additional 6,113 shares during the period. Generali Asset Management SPA SGR grew its position in shares of Best Buy by 267.9% in the third quarter. Generali Asset Management SPA SGR now owns 11,163 shares of the technology retailer’s stock valued at $985,000 after purchasing an additional 8,129 shares during the period. Asset Management One Co. Ltd. increased its stake in Best Buy by 1.5% in the third quarter. Asset Management One Co. Ltd. now owns 83,859 shares of the technology retailer’s stock valued at $7,400,000 after purchasing an additional 1,271 shares during the last quarter. Finally, SYM FINANCIAL Corp acquired a new position in Best Buy in the third quarter valued at $280,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 4.8%

Shares of BBY opened at $95.56 on Friday. The stock has a market cap of $20.04 billion, a PE ratio of 15.90, a P/E/G ratio of 2.39 and a beta of 1.26. The stock’s 50-day moving average is $90.37 and its two-hundred day moving average is $75.33. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same period last year, the business earned $1.28 EPS. The business’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.0%. Best Buy’s dividend payout ratio is presently 63.89%.

Analyst Ratings Changes

BBY has been the topic of several recent analyst reports. Loop Capital downgraded Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a research report on Monday, July 13th. Bank of America began coverage on Best Buy in a research note on Monday, August 3rd. They issued an “underperform” rating and a $80.00 price target on the stock. Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Barclays upped their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Telsey Advisory Group increased their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and an average target price of $86.15.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares of the company’s stock, valued at $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard M. Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.