Best Buy Co., Inc. $BBY Shares Purchased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its stake in Best Buy Co., Inc. by 100.2%, owning 93,670 shares valued at approximately $6.3 million as of the latest quarter.
• Best Buy reported $1.28 EPS for the quarter, surpassing estimates and achieving a 1.6% year-over-year revenue increase to $9.44 billion.
• The company announced a quarterly dividend of $0.95 per share, yielding 5.0%, with a payout ratio of nearly 105%.

State of Alaska Department of Revenue lifted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 100.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,670 shares of the technology retailer's stock after purchasing an additional 46,885 shares during the quarter. State of Alaska Department of Revenue's holdings in Best Buy were worth $6,287,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. boosted its position in shares of Best Buy by 108.5% in the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the period. Oliver Lagore Vanvalin Investment Group acquired a new stake in Best Buy during the 2nd quarter worth approximately $26,000. Grove Bank & Trust lifted its position in Best Buy by 67.1% during the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares during the period. Maseco LLP acquired a new stake in Best Buy during the 2nd quarter worth approximately $39,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Best Buy by 25.6% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 721 shares of the technology retailer's stock worth $53,000 after acquiring an additional 147 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Stock Up 2.6%

BBY opened at $76.14 on Monday. 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 business has a 50 day simple moving average of $71.92 and a 200-day simple moving average of $69.94. The stock has a market capitalization of $16.00 billion, a P/E ratio of 21.03, a P/E/G ratio of 2.00 and a beta of 1.19. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the business posted $1.34 EPS. Best Buy's quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is presently 104.97%.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent research reports. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. JPMorgan Chase & Co. increased their price objective on Best Buy from $88.00 to $89.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Truist Financial increased their price objective on Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a research report on Friday, August 29th. Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Finally, Barclays reaffirmed an "equal weight" rating and set a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and a consensus price target of $81.50.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,715 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer directly owned 22,150 shares of the company's stock, valued at $1,640,650.50. This trade represents a 14.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The disclosure for this sale can be found here. Insiders sold a total of 201,833 shares of company stock valued at $14,941,472 over the last ninety days. 0.59% of the stock is currently owned by company insiders.

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.

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