North Dakota State Investment Board Buys New Shares in Best Buy Co., Inc. $BBY

Key Points

• North Dakota State Investment Board initiated a new position in Best Buy, buying 29,259 shares worth about $1.96 million in the fourth quarter.
• Analysts are mixed on Best Buy: the stock has a consensus rating of Hold with an average price target of $70.80, while several firms recently trimmed their targets.
• Best Buy reported better-than-expected quarterly EPS of $2.61, raised its quarterly dividend to $0.96 per share, and its stock recently traded near $57.94, close to the lower end of its 52-week range.

North Dakota State Investment Board bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 29,259 shares of the technology retailer's stock, valued at approximately $1,958,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Palisade Asset Management LLC acquired a new stake in Best Buy during the third quarter worth about $25,000. Torren Management LLC acquired a new stake in Best Buy during the fourth quarter worth about $25,000. Root Financial Partners LLC acquired a new stake in Best Buy during the third quarter worth about $32,000. Quest 10 Wealth Builders Inc. increased its stake in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after acquiring an additional 311 shares during the last quarter. Finally, Activest Wealth Management increased its stake in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer's stock worth $31,000 after acquiring an additional 424 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Jefferies Financial Group dropped their price target on Best Buy from $94.00 to $89.00 and set a "buy" rating for the company in a research note on Monday, February 9th. Morgan Stanley dropped their price target on Best Buy from $76.00 to $72.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 4th. Piper Sandler restated a "buy" rating on shares of Best Buy in a research note on Wednesday, March 4th. Truist Financial dropped their price target on Best Buy from $73.00 to $66.00 and set a "hold" rating for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings lowered Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $70.80.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the sale, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares of the company's stock, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 77,247 shares of company stock valued at $4,945,353. Company insiders own 0.59% of the company's stock.

Best Buy Price Performance

BBY stock opened at $57.94 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The firm has a market cap of $12.21 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.39 and a beta of 1.22. The stock has a 50-day simple moving average of $62.08 and a 200-day simple moving average of $67.80.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. During the same quarter last year, the firm earned $2.58 earnings per share. The company's revenue for the quarter was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.5 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.6%. This is an increase from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. Best Buy's payout ratio is 76.19%.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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