Best Buy Co., Inc. (NYSE:BBY) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 73,003 shares of the technology retailer’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in Best Buy were worth $5,988,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter worth $165,164,000. HS Management Partners LLC purchased a new position in Best Buy in the 4th quarter worth approximately $103,854,000. Epoch Investment Partners Inc. boosted its holdings in shares of Best Buy by 11,586.7% during the 4th quarter. Epoch Investment Partners Inc. now owns 686,128 shares of the technology retailer’s stock worth $53,710,000 after purchasing an additional 680,257 shares during the last quarter. KBC Group NV grew its position in shares of Best Buy by 320.4% in the fourth quarter. KBC Group NV now owns 860,388 shares of the technology retailer’s stock valued at $67,352,000 after purchasing an additional 655,750 shares in the last quarter. Finally, Mairs & Power Inc. lifted its position in Best Buy by 9,155.1% during the fourth quarter. Mairs & Power Inc. now owns 532,167 shares of the technology retailer’s stock worth $41,658,000 after buying an additional 526,417 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the sale, the chairman now directly owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the sale, the chief executive officer now owns 431,231 shares in the company, valued at approximately $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $85.85, for a total transaction of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Insiders sold 2,004,149 shares of company stock worth $166,397,807 in the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of analyst reports. Loop Capital lifted their target price on shares of Best Buy from $93.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 7th. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Truist Financial reiterated a “hold” rating and set a $86.00 price target on shares of Best Buy in a report on Monday. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and boosted their price objective for the company from $67.00 to $100.00 in a report on Monday, June 3rd. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and set a $95.00 target price on shares of Best Buy in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $90.87.

Best Buy Price Performance

Best Buy stock opened at $82.17 on Wednesday. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $93.72. The firm has a market cap of $17.72 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 2.72 and a beta of 1.48. The company’s 50 day moving average is $79.88 and its two-hundred day moving average is $77.79.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. During the same period last year, the firm earned $1.15 earnings per share. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, research analysts expect that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.58%. Best Buy’s dividend payout ratio is currently 65.85%.

Best Buy Profile

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.