Teacher Retirement System of Texas Sells 108,667 Shares of Best Buy Co., Inc. (NYSE:BBY)

Teacher Retirement System of Texas decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 50.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 0.05% of Best Buy worth $7,899,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Stevens Capital Management LP grew its holdings in Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after purchasing an additional 15,741 shares during the last quarter. Invesco Ltd. boosted its holdings in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock worth $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the period. APG Asset Management N.V. purchased a new position in shares of Best Buy in the fourth quarter worth about $9,073,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock valued at $14,560,000 after acquiring an additional 13,378 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction on 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 completion of the sale, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.59% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on BBY shares. Truist Financial upped 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. DA Davidson restated a "buy" rating and set a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. BNP Paribas raised shares of Best Buy to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company dropped their target price on shares of Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. Finally, Wedbush cut their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. One research 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Stock Performance

BBY stock traded down $0.16 during midday trading on Wednesday, reaching $72.08. The company had a trading volume of 1,479,194 shares, compared to its average volume of 3,332,307. 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 stock has a 50 day moving average price of $70.07 and a 200 day moving average price of $75.40. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The firm has a market capitalization of $15.23 billion, a PE ratio of 17.59, 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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The firm's revenue was down .9% on a year-over-year basis. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.27%. Best Buy's dividend payout ratio is currently 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.