State of New Jersey Common Pension Fund D Decreases Holdings in Best Buy Co., Inc. (NYSE:BBY)

State of New Jersey Common Pension Fund D decreased its position in Best Buy Co., Inc. (NYSE:BBYFree Report) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,662 shares of the technology retailer’s stock after selling 2,070 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.05% of Best Buy worth $7,688,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EA Series Trust bought a new position in Best Buy in the 2nd quarter worth about $222,000. Dai ichi Life Insurance Company Ltd lifted its stake in Best Buy by 1,405.3% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock valued at $14,883,000 after acquiring an additional 200,000 shares during the period. National Bank of Canada FI lifted its stake in Best Buy by 126.6% during the 3rd quarter. National Bank of Canada FI now owns 77,784 shares of the technology retailer’s stock valued at $5,372,000 after acquiring an additional 43,457 shares during the period. Capital Investment Advisors LLC lifted its stake in Best Buy by 328.7% during the 3rd quarter. Capital Investment Advisors LLC now owns 141,356 shares of the technology retailer’s stock valued at $9,820,000 after acquiring an additional 108,385 shares during the period. Finally, Banco Santander S.A. bought a new position in Best Buy during the 3rd quarter valued at about $3,885,000. Institutional investors own 76.10% of the company’s stock.

Best Buy Stock Up 0.1 %

NYSE BBY opened at $75.60 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.23 and a current ratio of 0.99. The company has a market capitalization of $16.28 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.98 and a beta of 1.49. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $89.23. The stock has a 50 day moving average price of $74.99 and a 200-day moving average price of $72.95.

Best Buy (NYSE:BBYGet Free Report) last posted its earnings results on Tuesday, November 21st. The technology retailer reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $9.76 billion during the quarter, compared to the consensus estimate of $9.90 billion. Best Buy had a return on equity of 49.13% and a net margin of 2.93%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.16 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th were given a $0.92 dividend. The ex-dividend date was Monday, December 11th. This represents a $3.68 dividend on an annualized basis and a yield of 4.87%. Best Buy’s dividend payout ratio is presently 63.45%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 48,401 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $75.07, for a total value of $3,633,463.07. Following the completion of the sale, the chairman now directly owns 253,370 shares in the company, valued at $19,020,485.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Best Buy news, Chairman Richard M. Schulze sold 110,974 shares of the stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $77.00, for a total value of $8,544,998.00. Following the sale, the chairman now owns 19,566,458 shares in the company, valued at $1,506,617,266. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 48,401 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $75.07, for a total value of $3,633,463.07. Following the completion of the sale, the chairman now owns 253,370 shares in the company, valued at approximately $19,020,485.90. The disclosure for this sale can be found here. Insiders sold a total of 686,796 shares of company stock worth $52,374,450 over the last three months. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on BBY shares. TheStreet cut shares of Best Buy from a “b-” rating to a “c” rating in a research note on Monday, November 20th. The Goldman Sachs Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $85.00 in a research report on Thursday, October 19th. Truist Financial reduced their price target on shares of Best Buy from $74.00 to $68.00 and set a “hold” rating for the company in a research report on Wednesday, November 22nd. UBS Group reduced their price target on shares of Best Buy from $85.00 to $76.00 and set a “neutral” rating for the company in a research report on Monday, November 13th. Finally, Telsey Advisory Group reduced their price target on shares of Best Buy from $80.00 to $75.00 and set a “market perform” rating for the company in a research report on Friday, November 17th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average price target of $77.43.

Get Our Latest Research Report on BBY

Best Buy Company Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

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

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