Best Buy Co., Inc. (NYSE:BBY) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,771 shares of the technology retailer's stock after selling 13,513 shares during the period. New York State Teachers Retirement System owned 0.09% of Best Buy worth $13,895,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. lifted its position in Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock worth $25,000 after acquiring an additional 178 shares during the period. Rakuten Securities Inc. grew its holdings in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. acquired a new stake in Best Buy in the 4th quarter valued at about $31,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after purchasing an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC raised its position in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after purchasing an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.4%

Shares of BBY traded up $0.30 during mid-day trading on Friday, reaching $71.89. The company had a trading volume of 1,784,955 shares, compared to its average volume of 3,339,179. The stock has a market cap of $15.19 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The firm has a fifty day simple moving average of $69.89 and a 200-day simple moving average of $75.59. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. The firm's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.29%. Best Buy's payout ratio is 92.91%.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on BBY shares. Loop Capital dropped their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Telsey Advisory Group reiterated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. DA Davidson reaffirmed a "buy" rating and set a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Finally, Piper Sandler lowered their price target on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of "Hold" and an average target price of $86.11.

Best Buy Profile

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.