Texas Permanent School Fund Corp Decreases Position in Best Buy Co., Inc. (NYSE:BBY)

Texas Permanent School Fund Corp lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,695 shares of the technology retailer’s stock after selling 7,934 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Best Buy were worth $2,672,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Rise Advisors LLC increased its position in shares of Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the first quarter valued at about $27,000. PrairieView Partners LLC increased its position in shares of Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the period. Innealta Capital LLC purchased a new position in shares of Best Buy in the second quarter valued at about $35,000. Finally, American National Bank purchased a new position in shares of Best Buy in the first quarter valued at about $37,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold 1,383,370 shares of company stock worth $122,233,276 over the last three months. 0.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Truist Financial boosted their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on shares of Best Buy from $101.00 to $111.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Evercore ISI lifted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. Wedbush lifted their target price on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Telsey Advisory Group lifted their target price on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Best Buy Trading Up 0.3 %

NYSE:BBY opened at $98.79 on Tuesday. The stock has a market cap of $21.31 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 2.56 and a beta of 1.46. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average price is $89.14 and its 200-day moving average price is $82.95. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s payout ratio is presently 65.85%.

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.