84,060 Shares in Best Buy Co., Inc. $BBY Acquired by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio bought a new position in Best Buy Co., Inc. (NYSE:BBY) in the second quarter, HoldingsChannel.com reports. The fund bought 84,060 shares of the technology retailer’s stock, valued at approximately $6,378,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. PFA Pension Forsikringsaktieselskab bought a new position in shares of Best Buy in the 4th quarter worth approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Best Buy by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after buying an additional 67,600 shares during the period. Oxbow Advisors LLC purchased a new stake in Best Buy during the fourth quarter valued at approximately $6,295,000. Crossmark Global Holdings Inc. increased its holdings in Best Buy by 199.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after buying an additional 24,219 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Best Buy by 8.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 478,965 shares of the technology retailer’s stock worth $33,180,000 after acquiring an additional 38,739 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at $814,656,101.60. The trade was a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 500,000 shares of company stock worth $39,065,226. Company insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

BBY opened at $82.55 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The stock has a market capitalization of $17.40 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 2.01 and a beta of 1.28. The company has a fifty day moving average of $83.39 and a 200 day moving average of $71.56. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.79 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 17th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. Best Buy’s dividend payout ratio is presently 63.89%.

Analysts Set New Price Targets

BBY has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 20th. Citigroup raised their target price on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Truist Financial set a $100.00 target price on Best Buy in a research report on Thursday, August 27th. Daiwa Securities Group boosted their price target on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Finally, Barclays upped their price target on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.40.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.