State of Alaska Department of Revenue Has $3.44 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

State of Alaska Department of Revenue grew its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 110.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 46,785 shares of the technology retailer's stock after purchasing an additional 24,505 shares during the quarter. State of Alaska Department of Revenue's holdings in Best Buy were worth $3,443,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BBY. CIBC Asset Management Inc lifted its stake in shares of Best Buy by 2.1% in the 4th quarter. CIBC Asset Management Inc now owns 34,976 shares of the technology retailer's stock valued at $3,001,000 after purchasing an additional 727 shares during the period. Truist Financial Corp lifted its stake in shares of Best Buy by 11.7% in the 4th quarter. Truist Financial Corp now owns 29,357 shares of the technology retailer's stock valued at $2,519,000 after purchasing an additional 3,072 shares during the period. Alberta Investment Management Corp raised its stake in Best Buy by 424.0% during the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after buying an additional 21,200 shares during the period. Ieq Capital LLC raised its stake in Best Buy by 209.3% during the 4th quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer's stock worth $4,082,000 after buying an additional 32,195 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in Best Buy by 28.6% during the 4th quarter. Handelsbanken Fonder AB now owns 38,191 shares of the technology retailer's stock worth $3,277,000 after buying an additional 8,499 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

Shares of NYSE BBY opened at $67.58 on Friday. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.79 and a beta of 1.25. The business has a 50-day moving average of $68.62 and a 200-day moving average of $76.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. 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 announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share 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. Shareholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the completion of the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred 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 transaction, the chairman now owns 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several research analyst reports. Bank of America dropped their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Loop Capital dropped their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research note on Tuesday, June 10th. Wedbush dropped their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Finally, BNP Paribas raised Best Buy to a "hold" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $86.11.

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.

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