9,900 Shares in Best Buy Co., Inc. $BBY Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new position in shares of Best Buy Co., Inc. (NYSE:BBY) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 9,900 shares of the technology retailer’s stock, valued at approximately $636,000.

Other institutional investors also recently bought and sold shares of the company. OP Asset Management Ltd acquired a new position in Best Buy in the 1st quarter valued at about $1,284,000. Centennial Wealth Advisory LLC lifted its position in Best Buy by 22.0% during the 1st quarter. Centennial Wealth Advisory LLC now owns 8,589 shares of the technology retailer’s stock worth $551,000 after acquiring an additional 1,548 shares during the period. Cidel Asset Management Inc. lifted its position in Best Buy by 29.0% during the 1st quarter. Cidel Asset Management Inc. now owns 6,036 shares of the technology retailer’s stock worth $388,000 after acquiring an additional 1,356 shares during the period. Harbour Wealth Management Group Inc. grew its stake in shares of Best Buy by 29.6% in the 1st quarter. Harbour Wealth Management Group Inc. now owns 5,774 shares of the technology retailer’s stock valued at $371,000 after purchasing an additional 1,320 shares during the last quarter. Finally, Sterling Investment Counsel LLC purchased a new position in shares of Best Buy in the 1st quarter valued at approximately $242,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Piper Sandler restated a “neutral” rating and set a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the stock an “outperform” rating in a research report on Friday, May 29th. Wedbush raised their target price on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Monday, June 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $79.50.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $78.98 on Wednesday. The firm’s fifty day simple moving average is $68.88 and its 200-day simple moving average is $66.86. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $16.65 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 2.08 and a beta of 1.30. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts expect that Best Buy Co., Inc. will post 6.56 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, July 9th. Stockholders of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Best Buy Company Profile

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.