State of New Jersey Common Pension Fund D Sells 5,806 Shares of Best Buy Co., Inc. $BBY

Key Points

• The State of New Jersey Common Pension Fund D sold 5,806 shares of Best Buy Co., Inc., reducing its stake by 7.8%.
• Research firms have issued mixed ratings for Best Buy, with target prices adjusted down to $70.00 and $74.00 by Wedbush and Barclays, while Telsey Advisory Group maintains an "outperform" rating with a target of $90.00.
• Best Buy announced a quarterly dividend of $0.95, representing a yearly payout of $3.80 and a dividend yield of 5.3%.

State of New Jersey Common Pension Fund D cut its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,336 shares of the technology retailer's stock after selling 5,806 shares during the period. State of New Jersey Common Pension Fund D's holdings in Best Buy were worth $5,030,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Bancorp Inc. grew 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 last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy in the 4th quarter valued at $31,000. Ancora Advisors LLC lifted its position in 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 buying an additional 374 shares in the last quarter. Grove Bank & Trust raised its holdings in shares of Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the period. Finally, LRI Investments LLC grew its stake in Best Buy by 36.3% in the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock valued at $45,000 after buying an additional 141 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman directly owned 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. Truist Financial increased their price target on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Finally, Wedbush dropped their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average price target of $85.72.

Best Buy Trading Up 0.2%

Shares of BBY stock traded up $0.1440 during mid-day trading on Thursday, reaching $72.4140. The stock had a trading volume of 2,805,625 shares, compared to its average volume of 3,001,494. 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 stock's 50-day moving average price is $69.18 and its two-hundred day moving average price is $71.96. The firm has a market capitalization of $15.30 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 1.91 and a beta of 1.21. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.06. The business 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%.During the same quarter last year, the business posted $1.20 EPS. The business's revenue was down .9% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a $0.95 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.2%. Best Buy's dividend payout ratio is 92.91%.

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.