Best Buy Co., Inc. $BBY Shares Sold by New York State Teachers Retirement System

Key Points

• The New York State Teachers Retirement System reduced its stake in Best Buy Co., Inc. by 5.1%, selling 9,676 shares, and now holds approximately 0.08% of the company valued at $12,023,000.
• Best Buy reported an earnings per share (EPS) of $1.28 for the last quarter, surpassing analyst expectations of $1.22, with revenue increasing 1.6% year-over-year.
• The company announced a quarterly dividend of $0.95 per share, with a dividend yield of 4.8%, and a payout ratio of 104.97%.

New York State Teachers Retirement System lowered its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 179,095 shares of the technology retailer's stock after selling 9,676 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Best Buy worth $12,023,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of BBY. Pacer Advisors Inc. grew its stake in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after buying an additional 998,021 shares in the last quarter. AQR Capital Management LLC grew its stake in Best Buy by 36.5% during the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer's stock valued at $181,357,000 after purchasing an additional 671,408 shares in the last quarter. Nuveen LLC acquired a new stake in Best Buy during the 1st quarter valued at approximately $39,579,000. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after purchasing an additional 408,605 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Best Buy by 40.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer's stock valued at $64,375,000 after purchasing an additional 252,544 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Up 1.5%

NYSE:BBY opened at $79.71 on Friday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The business's 50 day moving average is $74.78 and its two-hundred day moving average is $70.23. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $96.77. The company has a market cap of $16.75 billion, a PE ratio of 22.02, a P/E/G ratio of 2.10 and a beta of 1.23.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.8%. Best Buy's dividend payout ratio (DPR) is 104.97%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wedbush raised their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Wells Fargo & Company raised their price objective on Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Argus restated a "hold" rating on shares of Best Buy in a research note on Tuesday, September 16th. Truist Financial raised their price objective on Best Buy from $69.00 to $72.00 and gave the company a "hold" rating in a research note on Friday, August 29th. Finally, Guggenheim reaffirmed a "buy" rating and set a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and an average target price of $81.69.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the sale, the chief accounting officer owned 20,132 shares of the company's stock, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 stock was 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. In the last three months, insiders sold 201,833 shares of company stock worth $14,941,472. Company insiders own 0.47% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.