California State Teachers Retirement System Boosts Holdings in Best Buy Co., Inc. $BBY

California State Teachers Retirement System increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8,279.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,175,854 shares of the technology retailer's stock after acquiring an additional 21,911,223 shares during the quarter. California State Teachers Retirement System owned about 10.52% of Best Buy worth $1,682,704,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Saudi Central Bank grew its holdings in Best Buy by 89.3% during the 2nd quarter. Saudi Central Bank now owns 13,906 shares of the technology retailer's stock valued at $1,055,000 after buying an additional 6,559 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich increased its position in Best Buy by 80.0% in the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer's stock worth $7,016,000 after purchasing an additional 41,092 shares during the last quarter. Syon Capital LLC raised its stake in Best Buy by 67.5% during the second quarter. Syon Capital LLC now owns 10,780 shares of the technology retailer's stock valued at $818,000 after purchasing an additional 4,343 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in Best Buy by 44.9% during the second quarter. Concurrent Investment Advisors LLC now owns 132,210 shares of the technology retailer's stock valued at $10,032,000 after purchasing an additional 40,993 shares during the last quarter. Finally, NEOS Investment Management LLC grew its stake in shares of Best Buy by 12.6% in the 2nd quarter. NEOS Investment Management LLC now owns 31,191 shares of the technology retailer's stock worth $2,367,000 after buying an additional 3,497 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the topic of several recent research reports. DA Davidson restated a "neutral" rating and set a $95.00 target price on shares of Best Buy in a research report on Tuesday. Weiss Ratings upgraded Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Loop Capital downgraded Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective on the stock. in a research report on Monday, July 13th. The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a research note on Friday, August 28th. Finally, Truist Financial set a $100.00 target price on Best Buy in a report on Thursday, August 27th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $85.40.

Insider Buying and Selling

In other news, Chairman Richard Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on 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 Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 500,000 shares of company stock valued at $39,065,226. Corporate insiders own 0.50% of the company's stock.

Best Buy Stock Up 3.2%

NYSE:BBY opened at $90.89 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The company's 50 day moving average is $85.24 and its two-hundred day moving average is $72.82. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.37. The company has a market cap of $19.06 billion, a PE ratio of 15.12, a P/E/G ratio of 2.20 and a beta of 1.28.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The firm's revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.82 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.2%. The ex-dividend date is Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is currently 63.89%.

About Best Buy

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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