State of Michigan Retirement System Grows Stock Position in Best Buy Co., Inc. $BBY

State of Michigan Retirement System increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,103 shares of the technology retailer’s stock after buying an additional 1,400 shares during the period. State of Michigan Retirement System’s holdings in Best Buy were worth $4,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Mutual Advisors LLC raised its stake in Best Buy by 25.4% in the 1st quarter. Mutual Advisors LLC now owns 3,279 shares of the technology retailer’s stock valued at $222,000 after purchasing an additional 664 shares during the last quarter. OneDigital Investment Advisors LLC acquired a new position in Best Buy in the 1st quarter valued at about $200,000. Concurrent Investment Advisors LLC raised its stake in Best Buy by 1.3% in the 1st quarter. Concurrent Investment Advisors LLC now owns 27,825 shares of the technology retailer’s stock valued at $2,048,000 after purchasing an additional 358 shares during the last quarter. Blackhawk Capital Partners LLC. acquired a new position in Best Buy in the 1st quarter valued at about $1,574,000. Finally, DekaBank Deutsche Girozentrale raised its stake in Best Buy by 7.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 142,790 shares of the technology retailer’s stock valued at $10,276,000 after purchasing an additional 10,165 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BBY shares. Argus reissued a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Wedbush upped their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, August 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $81.69.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of the business’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the transaction, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 74,553 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $84.31, for a total value of $6,285,563.43. Following the transaction, the chairman owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. This represents a 0.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,736,826 shares of company stock valued at $141,568,327. Corporate insiders own 0.47% of the company’s stock.

Best Buy Trading Down 2.6%

NYSE BBY opened at $79.38 on Wednesday. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $95.49. The company has a 50-day moving average of $77.14 and a 200-day moving average of $72.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The company has a market cap of $16.68 billion, a P/E ratio of 21.93, a P/E/G ratio of 2.21 and a beta of 1.23.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy’s dividend payout ratio is 104.97%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, 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, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.