Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 50.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 107,306 shares of the technology retailer's stock after selling 108,667 shares during the quarter. Teacher Retirement System of Texas owned about 0.05% of Best Buy worth $7,899,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BBY. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter valued at about $178,015,000. Northern Trust Corp lifted its position in shares of Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock valued at $252,495,000 after buying an additional 701,287 shares during the last quarter. Invesco Ltd. lifted its position in shares of Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after buying an additional 561,413 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Best Buy by 461.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after buying an additional 511,161 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on BBY shares. Truist Financial increased their price target on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a research report on Friday, May 30th. BNP Paribas raised shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Loop Capital decreased their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Piper Sandler decreased their price objective on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $86.11.

Best Buy Trading Up 2.5%

Shares of NYSE BBY traded up $1.77 during trading on Tuesday, hitting $72.28. 3,914,981 shares of the company were exchanged, compared to its average volume of 3,339,215. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The company has a fifty day moving average price of $69.96 and a 200-day moving average price of $75.42. The firm has a market capitalization of $15.28 billion, a PE ratio of 17.67, a P/E/G ratio of 1.86 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. The company's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors 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 dividend yield of 5.26%. The ex-dividend date is Wednesday, June 18th. Best Buy's payout ratio is 92.91%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated 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 completion of the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.59% of the company's stock.

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.