Police & Firemen s Retirement System of New Jersey Sells 1,879 Shares of Best Buy Co., Inc. $BBY

Police & Firemen s Retirement System of New Jersey lessened its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,392 shares of the technology retailer’s stock after selling 1,879 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Best Buy were worth $1,973,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BBY. Oliver Lagore Vanvalin Investment Group acquired a new position in shares of Best Buy during the second quarter valued at $26,000. Maseco LLP acquired a new position in Best Buy during the 2nd quarter valued at about $39,000. Bogart Wealth LLC boosted its stake in shares of Best Buy by 202.0% in the 2nd quarter. Bogart Wealth LLC now owns 604 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 404 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of Best Buy by 775.3% in the 2nd quarter. True Wealth Design LLC now owns 639 shares of the technology retailer’s stock valued at $43,000 after purchasing an additional 566 shares during the last quarter. Finally, Sentry Investment Management LLC acquired a new stake in shares of Best Buy during the 2nd quarter worth approximately $44,000. 80.96% of the stock is currently owned by institutional investors.

Best Buy Trading Down 0.1%

NYSE:BBY opened at $74.35 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The business’s 50-day simple moving average is $77.50 and its 200-day simple moving average is $73.00. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $95.49. The stock has a market capitalization of $15.62 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the company posted $1.34 EPS. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts expect 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 announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were paid a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.1%. Best Buy’s dividend payout ratio is presently 104.97%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent research reports. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, August 29th. Jefferies Financial Group raised their price target on Best Buy from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Truist Financial upped their price objective on Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a report on Friday, November 7th. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Finally, Bank of America lowered their price target on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research note on Friday, August 29th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $83.56.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the transaction, the chairman directly owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the sale, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. The trade was a 14.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,736,826 shares of company stock valued at $141,568,327. Company insiders own 0.59% of the company’s stock.

About Best Buy

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.