47,869 Best Buy Co., Inc. $BBY Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 116.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,033 shares of the technology retailer’s stock after purchasing an additional 47,869 shares during the period. Retirement Systems of Alabama’s holdings in Best Buy were worth $7,856,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BBY. Asset Dedication LLC acquired a new position in shares of Best Buy during the 3rd quarter worth about $27,000. Clark Wealth Partners purchased a new position in Best Buy in the 3rd quarter valued at about $29,000. Entrust Financial LLC acquired a new stake in Best Buy in the 3rd quarter worth about $31,000. Ashurst Perkins Coie Trust Co boosted its holdings in Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after buying an additional 169 shares during the last quarter. Finally, Aberdeen Wealth Management LLC purchased a new stake in Best Buy during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of a number of research analyst reports. Evercore set a $100.00 target price on Best Buy in a report on Tuesday, October 27th. The Goldman Sachs Group lifted their price target on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research note on Friday, August 28th. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Citigroup boosted their price target on Best Buy from $88.00 to $102.00 and gave the stock a “neutral” rating in a research report on Friday, November 6th. Finally, Wells Fargo & Company increased their price objective on Best Buy from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $87.33.

Best Buy Trading Up 0.6%

Shares of NYSE BBY traded up $0.59 during trading on Friday, hitting $104.00. 1,575,001 shares of the company were exchanged, compared to its average volume of 2,826,361. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $106.83. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The company has a fifty day moving average price of $93.64 and a 200-day moving average price of $77.05. The firm 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.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm 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 company posted $1.28 EPS. The company’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, equities research analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

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

Insider Activity

In other news, 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 transaction of $27,753,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Best Buy Company Profile

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.