VIRGINIA RETIREMENT SYSTEMS ET Al Takes $15.26 Million Position in Best Buy Co., Inc. $BBY

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 201,100 shares of the technology retailer’s stock, valued at approximately $15,259,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.10% of Best Buy at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Palisade Asset Management LLC purchased a new stake in Best Buy in the 3rd quarter worth about $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy during the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the fourth quarter valued at approximately $29,000. Atlas Capital Advisors Inc. bought a new position in shares of Best Buy during the fourth quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in shares of Best Buy in the second quarter worth approximately $33,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BBY shares. Morgan Stanley boosted their price objective on Best Buy from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 28th. JPMorgan Chase & Co. increased their target price on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Daiwa Securities Group boosted their target price on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Best Buy has an average rating of “Hold” and a consensus target price of $85.40.

Best Buy Trading Up 0.1%

Shares of NYSE BBY opened at $90.35 on Tuesday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The firm has a market cap of $19.04 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.25 and a beta of 1.28. The business has a fifty day simple moving average of $84.29 and a two-hundred day simple moving average of $72.21. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36.

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

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.3%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio is presently 63.89%.

Insider Buying and Selling

In other news, Chairman Richard Schulze sold 224,705 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were 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 owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 500,000 shares of company stock worth $39,065,226. Company insiders own 0.50% of the company’s stock.

Best Buy 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.