61,500 Shares in Best Buy Co., Inc. $BBY Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, Holdings Channel reports. The fund purchased 61,500 shares of the technology retailer’s stock, valued at approximately $4,128,000.

A number of other institutional investors also recently added to or reduced their stakes in BBY. Pacer Advisors Inc. lifted its stake in Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock worth $75,353,000 after acquiring an additional 998,021 shares during the last quarter. AQR Capital Management LLC lifted its stake in Best Buy by 36.5% in the first quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock worth $181,357,000 after acquiring an additional 671,408 shares during the last quarter. Nuveen LLC purchased a new position in Best Buy in the first quarter worth approximately $39,579,000. Charles Schwab Investment Management Inc. lifted its stake in Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock worth $512,986,000 after acquiring an additional 408,605 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Best Buy by 27.7% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,550,145 shares of the technology retailer’s stock worth $104,061,000 after buying an additional 335,793 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 1.5%

BBY stock opened at $80.91 on Tuesday. The company has a fifty day moving average price of $75.02 and a 200 day moving average price of $70.43. Best Buy Co., Inc. has a 12 month low of $54.99 and a 12 month high of $96.31. The company has a market cap of $17.00 billion, a price-to-earnings ratio of 22.35, a price-to-earnings-growth ratio of 2.10 and a beta of 1.23. 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) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the firm earned $1.34 EPS. Best Buy’s revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy’s payout ratio is currently 104.97%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Barclays restated an “equal weight” rating and set a $74.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Piper Sandler restated a “neutral” rating and set a $75.00 price objective (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Finally, Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.69.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,715 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer directly owned 22,150 shares of the company’s stock, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 196,100 shares of the business’s stock in a transaction 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 a total of 201,833 shares of company stock worth $14,941,472 over the last three months. 0.59% of the stock is currently owned by corporate insiders.

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.