Best Buy Co., Inc. $BBY Stock Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 144.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,468 shares of the technology retailer’s stock after purchasing an additional 15,064 shares during the period. Maryland State Retirement & Pension System’s holdings in Best Buy were worth $2,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Ritholtz Wealth Management purchased a new stake in Best Buy in the third quarter valued at $1,354,000. Jacobi Capital Management LLC acquired a new stake in Best Buy during the 3rd quarter worth about $92,000. Machina Capital S.A.S. grew its position in Best Buy by 574.7% during the 3rd quarter. Machina Capital S.A.S. now owns 20,491 shares of the technology retailer’s stock worth $1,679,000 after purchasing an additional 17,454 shares during the period. DSG Capital Advisors LLC purchased a new position in shares of Best Buy during the 3rd quarter valued at about $882,000. Finally, Illinois Municipal Retirement Fund raised its stake in shares of Best Buy by 7.7% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 212,549 shares of the technology retailer’s stock valued at $18,755,000 after buying an additional 15,128 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the firm’s stock in a transaction that occurred 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 SEC filing for this sale provides additional information. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BBY. Citigroup boosted their price objective on Best Buy from $88.00 to $102.00 and gave the company a “neutral” rating in a report on Friday, November 6th. Guggenheim upped their target price on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Piper Sandler raised their target price on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 20th. Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. Finally, Weiss Ratings downgraded Best Buy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and a consensus target price of $87.33.

Best Buy Stock Performance

BBY traded up $0.59 on Friday, reaching $104.00. The stock had a trading volume of 1,575,001 shares, compared to its average volume of 2,826,361. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $106.83. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The business’s 50-day moving average price is $93.64 and its two-hundred day moving average price is $77.05. The company has a market cap of $21.81 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 2.58 and a beta of 1.20.

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

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Thursday, September 17th. Best Buy’s payout ratio is currently 63.89%.

Best Buy Profile

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.