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Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by State of Alaska Department of Revenue

Best Buy logo with Retail/Wholesale background

State of Alaska Department of Revenue increased 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 13F filing with the SEC. 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 quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rakuten Securities Inc. raised its holdings in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the 4th quarter valued at approximately $31,000. Atlas Capital Advisors Inc. lifted its holdings in Best Buy by 186.9% in 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. Ancora Advisors LLC lifted its holdings in Best Buy by 18,700.0% in 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 in the last quarter. Finally, Grove Bank & Trust boosted its stake in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after purchasing an additional 173 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BBY shares. Morgan Stanley reduced their price target on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Evercore ISI dropped their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a report on Wednesday, March 5th. Truist Financial boosted their target price on Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. DA Davidson restated a "buy" rating and issued a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $86.11.

Read Our Latest Stock Analysis on Best Buy

Best Buy Stock Up 3.8%

NYSE:BBY traded up $2.52 during mid-day trading on Tuesday, reaching $68.89. The company's stock had a trading volume of 4,365,870 shares, compared to its average volume of 3,323,610. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $14.56 billion, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.25. The stock has a fifty day moving average of $68.71 and a 200-day moving average of $76.63. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping 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 company had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. Best Buy's revenue was down .9% on a year-over-year basis. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders 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 dividend on an annualized basis and a yield of 5.52%. Best Buy's dividend payout ratio is presently 92.91%.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the transaction, the chairman now directly owns 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.47% of the company's stock.

About Best Buy

(Free Report)

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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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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