Arizona State Retirement System Purchases 243 Shares of Best Buy Co., Inc. (NYSE:BBY)

Arizona State Retirement System lifted its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,619 shares of the technology retailer’s stock after purchasing an additional 243 shares during the quarter. Arizona State Retirement System’s holdings in Best Buy were worth $5,601,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Best Buy in the 4th quarter valued at $251,898,000. Allspring Global Investments Holdings LLC bought a new stake in Best Buy in the 4th quarter valued at $190,672,000. First Trust Advisors LP lifted its position in Best Buy by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,939,489 shares of the technology retailer’s stock valued at $197,052,000 after acquiring an additional 526,208 shares in the last quarter. Invesco Ltd. lifted its position in Best Buy by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,691,744 shares of the technology retailer’s stock valued at $171,880,000 after acquiring an additional 335,265 shares in the last quarter. Finally, State Street Corp lifted its position in Best Buy by 2.8% in the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock valued at $1,063,725,000 after acquiring an additional 282,542 shares in the last quarter. 80.79% of the stock is owned by institutional investors.

Best Buy Stock Up 3.4 %

Best Buy stock opened at $74.49 on Thursday. The firm has a market capitalization of $16.77 billion, a PE ratio of 8.27, a P/E/G ratio of 0.98 and a beta of 1.47. The company’s 50-day moving average is $73.66 and its 200-day moving average is $88.32. Best Buy Co., Inc. has a fifty-two week low of $64.29 and a fifty-two week high of $141.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.96 and a quick ratio of 0.24.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing the consensus estimate of $1.59 by ($0.02). Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The firm had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. During the same quarter in the prior year, the firm earned $2.23 earnings per share. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. Sell-side analysts anticipate that Best Buy Co., Inc. will post 8.66 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were paid a $0.88 dividend. The ex-dividend date was Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a yield of 4.73%. Best Buy’s dividend payout ratio (DPR) is currently 39.07%.

Analyst Ratings Changes

Several equities research analysts recently commented on BBY shares. DA Davidson boosted their price objective on shares of Best Buy from $107.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, May 25th. Wells Fargo & Company cut their price objective on shares of Best Buy to $82.00 in a research report on Wednesday, May 25th. Guggenheim cut their price objective on shares of Best Buy from $130.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Telsey Advisory Group cut their price target on shares of Best Buy from $130.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, May 20th. Finally, TheStreet cut shares of Best Buy from a “b-” rating to a “c+” rating in a research report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.44.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze purchased 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The shares were acquired at an average price of $79.60 per share, for a total transaction of $19,900,000.00. Following the purchase, the chairman now owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Best Buy news, insider Allison Peterson sold 1,646 shares of the business’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $80.68, for a total value of $132,799.28. Following the completion of the sale, the insider now owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard M. Schulze acquired 250,000 shares of the business’s stock in a transaction on Wednesday, May 25th. The stock was acquired at an average cost of $79.60 per share, with a total value of $19,900,000.00. Following the acquisition, the chairman now directly owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 63,011 shares of company stock worth $5,036,334. Insiders own 0.44% of the company’s stock.

Best Buy Company Profile

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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