Best Buy Co., Inc. $BBY Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 52.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,454 shares of the technology retailer’s stock after purchasing an additional 43,837 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of Best Buy worth $10,328,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. MV Capital Management Inc. bought a new position in Best Buy in the 4th quarter valued at about $25,000. Bayban acquired a new position in Best Buy during the 4th quarter valued at about $33,000. Ashurst Perkins Coie Trust Co increased its stake in Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after buying an additional 169 shares during the period. Maseco LLP bought a new stake in shares of Best Buy during the 1st quarter worth about $37,000. Finally, Aberdeen Wealth Management LLC bought a new stake in shares of Best Buy during the 2nd quarter worth about $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BBY shares. Weiss Ratings raised shares of Best Buy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. The Goldman Sachs Group raised their target price on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research note on Friday, August 28th. UBS Group restated a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Finally, Truist Financial set a $100.00 target price on shares of Best Buy in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $85.65.

Best Buy Price Performance

Shares of BBY opened at $94.08 on Friday. The firm has a market cap of $19.73 billion, a PE ratio of 15.65, a PEG ratio of 2.23 and a beta of 1.26. The firm’s 50 day moving average price is $87.96 and its 200 day moving average price is $77.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $96.53.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 dividend on an annualized basis and a yield of 4.1%. Best Buy’s dividend payout ratio is presently 63.89%.

Insiders Place Their Bets

In related news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.50% of the company’s stock.

About Best Buy

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.