Public Employees Retirement System of Ohio Makes New Investment in Best Buy Co., Inc. $BBY

Key Points

• Public Employees Retirement System of Ohio purchased 84,060 Best Buy shares during the second quarter, valued at approximately $6.38 million. Institutional investors collectively own 80.96% of the company.
• Best Buy exceeded quarterly expectations, reporting adjusted earnings of $1.47 per share versus the $1.39 consensus estimate and revenue of $9.78 billion, up 3.6% year over year.
• Analysts maintain a broadly cautious outlook, with an average rating of “Hold” and a $85.40 price target. Best Buy also declared a quarterly dividend of $0.96 per share, representing a 4.7% annualized yield.

Public Employees Retirement System of Ohio purchased a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 84,060 shares of the technology retailer's stock, valued at approximately $6,378,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. MV Capital Management Inc. bought a new position in Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC bought a new stake in Best Buy in the third quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $29,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $32,000. Finally, Bayban purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $33,000. 80.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 224,705 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the transaction, the chairman directly owned 10,430,936 shares of the company's stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 500,000 shares of company stock valued at $39,065,226. 0.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BBY has been the topic of several analyst reports. Guggenheim lifted their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, August 28th. Truist Financial set a $100.00 price target on shares of Best Buy in a report on Thursday, August 27th. Wells Fargo & Company upped their price objective on shares of Best Buy from $65.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. raised their target price on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, Weiss Ratings upgraded Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Best Buy has an average rating of "Hold" and an average price target of $85.40.

Best Buy Stock Up 3.0%

BBY stock opened at $82.55 on Wednesday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a market cap of $17.40 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28. The business has a 50 day moving average of $83.39 and a 200 day moving average of $71.56.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The company's revenue was up 3.6% on a year-over-year basis. During the same period last year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.79 EPS for the current fiscal year.

Best Buy Announces Dividend

The company 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. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Best Buy's dividend payout ratio (DPR) is 63.89%.

Best Buy Company 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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