VIRGINIA RETIREMENT SYSTEMS ET Al Invests $4.13 Million in Best Buy Co., Inc. $BBY

Key Points

• Virginia Retirement Systems has invested approximately $4.13 million in Best Buy Co., Inc., acquiring 61,500 shares during the 2nd quarter.
• Best Buy reported earnings of $1.28 per share, exceeding estimates, with a revenue of $9.44 billion for the quarter ended August 28.
• The company also declared a quarterly dividend of $0.95 per share, reflecting an annualized rate of $3.80 and a yield of 4.7%.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 61,500 shares of the technology retailer's stock, valued at approximately $4,128,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BBY. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Best Buy by 6.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 184,352 shares of the technology retailer's stock worth $13,570,000 after buying an additional 11,546 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Best Buy by 3.2% in the first quarter. Janney Montgomery Scott LLC now owns 17,211 shares of the technology retailer's stock worth $1,267,000 after buying an additional 541 shares in the last quarter. Kentucky Retirement Systems lifted its stake in shares of Best Buy by 7.8% in the first quarter. Kentucky Retirement Systems now owns 14,541 shares of the technology retailer's stock worth $1,070,000 after buying an additional 1,051 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Best Buy in the first quarter worth about $7,449,000. Finally, Shariaportfolio Inc. raised its stake in Best Buy by 6.5% during the first quarter. Shariaportfolio Inc. now owns 8,867 shares of the technology retailer's stock worth $653,000 after purchasing an additional 538 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock valued at $14,941,472 in the last 90 days. Company insiders own 0.59% of the company's stock.

Best Buy Price Performance

Shares of BBY opened at $80.91 on Tuesday. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $96.31. The stock has a market cap of $17.00 billion, a PE ratio of 22.35, a P/E/G ratio of 2.10 and a beta of 1.23. The firm has a 50-day simple moving average of $75.02 and a two-hundred day simple moving average of $70.43. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts forecast 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 was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a $0.95 dividend. The ex-dividend date was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.7%. Best Buy's payout ratio is 104.97%.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Argus reaffirmed a "hold" rating on shares of Best Buy in a research note on Tuesday, September 16th. Wedbush lifted their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Citigroup reaffirmed a "buy" rating on shares of Best Buy in a research note on Thursday, August 28th. Piper Sandler reaffirmed a "neutral" rating and set a $75.00 target price (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Finally, Wall Street Zen downgraded shares of Best Buy from a "buy" rating to a "hold" rating in a research note on Saturday. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $81.69.

About Best Buy

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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