Teacher Retirement System of Texas Sells 17,316 Shares of Best Buy Co., Inc. (NYSE:BBY)

Teacher Retirement System of Texas reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 16.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,442 shares of the technology retailer's stock after selling 17,316 shares during the quarter. Teacher Retirement System of Texas' holdings in Best Buy were worth $6,923,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. HS Management Partners LLC purchased a new stake in Best Buy during the 4th quarter worth $103,854,000. Barclays PLC lifted its position in Best Buy by 120.3% during the 3rd quarter. Barclays PLC now owns 1,336,071 shares of the technology retailer's stock worth $92,819,000 after acquiring an additional 729,605 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Best Buy by 36.2% in the 3rd quarter. Federated Hermes Inc. now owns 2,586,442 shares of the technology retailer's stock worth $179,680,000 after acquiring an additional 687,556 shares during the period. Van Hulzen Asset Management LLC raised its stake in shares of Best Buy by 426.7% during the third quarter. Van Hulzen Asset Management LLC now owns 740,608 shares of the technology retailer's stock valued at $51,450,000 after purchasing an additional 600,000 shares during the period. Finally, Ceredex Value Advisors LLC lifted its position in shares of Best Buy by 73.1% during the fourth quarter. Ceredex Value Advisors LLC now owns 1,228,980 shares of the technology retailer's stock worth $97,339,000 after purchasing an additional 518,920 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of Best Buy stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now owns 25,912 shares of the company's stock, valued at approximately $2,119,601.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Mathew Watson sold 3,520 shares of the company's stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $82.43, for a total value of $290,153.60. Following the completion of the sale, the chief accounting officer now directly owns 22,118 shares in the company, valued at $1,823,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd G. Hartman sold 3,973 shares of the firm's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $324,991.40. Following the transaction, the insider now owns 25,912 shares in the company, valued at $2,119,601.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,023 shares of company stock valued at $4,253,900. Company insiders own 0.59% of the company's stock.

Best Buy Price Performance

NYSE BBY traded down $0.38 on Tuesday, reaching $74.32. The company's stock had a trading volume of 2,443,156 shares, compared to its average volume of 2,864,000. The firm's 50 day moving average is $77.36 and its two-hundred day moving average is $74.53. The stock has a market cap of $16.08 billion, a PE ratio of 13.07, a PEG ratio of 1.94 and a beta of 1.50. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. During the same period last year, the company posted $2.61 EPS. The company's revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend was Wednesday, March 20th. This is an increase from Best Buy's previous quarterly dividend of $0.92. Best Buy's dividend payout ratio is 66.08%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BBY. JPMorgan Chase & Co. raised shares of Best Buy from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $89.00 to $101.00 in a research report on Friday, March 22nd. Jefferies Financial Group lowered their target price on shares of Best Buy from $95.00 to $94.00 and set a "buy" rating for the company in a research note on Monday, April 8th. UBS Group raised their price target on shares of Best Buy from $82.00 to $85.00 and gave the stock a "neutral" rating in a research report on Friday, March 1st. Truist Financial boosted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the company a "hold" rating in a research report on Friday, March 1st. Finally, Citigroup lowered their price objective on Best Buy from $76.00 to $67.00 and set a "sell" rating for the company in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus target price of $84.00.

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.