Best Buy Co., Inc. $BBY Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama grew its stake in Best Buy Co., Inc. (NYSE:BBY) by 116.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 89,033 shares of the technology retailer’s stock after buying an additional 47,869 shares during the quarter. Retirement Systems of Alabama’s holdings in Best Buy were worth $7,856,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Asset Dedication LLC purchased a new stake in shares of Best Buy during the third quarter worth approximately $27,000. Clark Wealth Partners purchased a new position in Best Buy in the third quarter worth approximately $29,000. Entrust Financial LLC acquired a new position in Best Buy during the 3rd quarter worth approximately $31,000. Ashurst Perkins Coie Trust Co grew its holdings in Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after acquiring an additional 169 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. grew its holdings in Best Buy by 313.9% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer’s stock worth $39,000 after acquiring an additional 339 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Performance

BBY traded up $0.59 on Friday, reaching $104.00. The company had a trading volume of 1,575,001 shares, compared to its average volume of 2,826,361. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $106.83. The stock has a market capitalization of $21.81 billion, a PE ratio of 17.30, a P/E/G ratio of 2.58 and a beta of 1.20. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $93.64 and a 200-day moving average price of $77.05.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a $0.96 dividend. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 3.7%. Best Buy’s dividend payout ratio is 63.89%.

Analyst Ratings Changes

Several research firms have recently issued reports on BBY. Wells Fargo & Company lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 6th. Bank of America initiated coverage on shares of Best Buy in a research note on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price for the company. Piper Sandler increased their target price on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, August 20th. Telsey Advisory Group raised their price target on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, Morgan Stanley lifted their price target on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $87.33.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by corporate insiders.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.