Strs Ohio Decreases Holdings in Best Buy Co., Inc. $BBY

Key Points

• Strs Ohio cut its Best Buy stake by 50.1% in the first quarter, leaving it with 140,623 shares valued at about $9.0 million.
• Best Buy’s latest quarterly results beat expectations, with EPS of $1.28 versus $1.23 expected and revenue of $8.94 billion versus $8.82 billion estimated.
• Analyst sentiment remains cautious: Best Buy has an average Hold rating and a consensus price target of $79.50, while the company also offers a quarterly dividend of $0.96 per share for a 4.9% yield.

Strs Ohio trimmed its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 50.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 140,623 shares of the technology retailer's stock after selling 141,007 shares during the quarter. Strs Ohio owned approximately 0.07% of Best Buy worth $9,028,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Palisade Asset Management LLC bought a new stake in Best Buy in the 3rd quarter valued at about $25,000. MV Capital Management Inc. bought a new position in Best Buy during the fourth quarter worth about $25,000. Torren Management LLC purchased a new position in shares of Best Buy in the fourth quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy in the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BBY shares. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a report on Monday, June 22nd. JPMorgan Chase & Co. raised their price target on Best Buy from $76.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Wells Fargo & Company boosted their price objective on Best Buy from $60.00 to $65.00 and gave the company an "equal weight" rating in a research note on Thursday, May 28th. Morgan Stanley raised their target price on Best Buy from $72.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. Finally, Loop Capital reduced their target price on Best Buy from $85.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $79.50.

Best Buy Stock Down 0.2%

BBY opened at $77.81 on Monday. The firm has a market capitalization of $16.40 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The company has a fifty day moving average price of $68.18 and a 200-day moving average price of $66.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter last year, the business posted $1.15 earnings per share. The firm's revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.56 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 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy's dividend payout ratio (DPR) is 71.11%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 500,350 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 in the last three months. 0.50% of the stock is owned by insiders.

About Best Buy

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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