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

Kentucky Retirement Systems raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 86.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 22,568 shares of the technology retailer’s stock after acquiring an additional 10,433 shares during the period. Kentucky Retirement Systems’ holdings in Best Buy were worth $1,449,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of BBY. AQR Capital Management LLC lifted its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank acquired a new position in Best Buy in the fourth quarter worth about $174,685,000. Schroder Investment Management Group increased its holdings in Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock valued at $207,216,000 after buying an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV increased its holdings in Best Buy by 293.6% in the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after buying an additional 785,294 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Down 1.9%

NYSE:BBY opened at $86.19 on Friday. The firm has a market capitalization of $18.17 billion, a P/E ratio of 15.96, a P/E/G ratio of 2.34 and a beta of 1.30. The business has a 50 day simple moving average of $78.41 and a 200 day simple moving average of $68.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $91.26.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a dividend of $0.96 per share. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy’s dividend payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research analyst reports. BNP Paribas Exane increased their target price on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Morgan Stanley boosted their price target on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Wedbush upped their price target on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Telsey Advisory Group set a $90.00 price objective on Best Buy and gave the stock an “outperform” rating in a research note on Friday, May 29th. Finally, Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. 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 transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at $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 is available at this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company’s stock.

About Best Buy

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.