Best Buy Co., Inc. $BBY Stock Holdings Trimmed by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.1% during the 2nd quarter, Holdings Channel reports. The fund owned 179,095 shares of the technology retailer’s stock after selling 9,676 shares during the period. New York State Teachers Retirement System’s holdings in Best Buy were worth $12,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in shares of Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock valued at $75,353,000 after purchasing an additional 998,021 shares during the period. AQR Capital Management LLC increased its position in shares of Best Buy by 36.5% during the 1st quarter. AQR Capital Management LLC now owns 2,510,476 shares of the technology retailer’s stock valued at $181,357,000 after purchasing an additional 671,408 shares during the period. Nuveen LLC acquired a new position in shares of Best Buy during the 1st quarter valued at $39,579,000. Charles Schwab Investment Management Inc. increased its position in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock valued at $512,986,000 after purchasing an additional 408,605 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Best Buy by 40.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 874,538 shares of the technology retailer’s stock valued at $64,375,000 after purchasing an additional 252,544 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BBY. Citigroup reiterated a “buy” rating on shares of Best Buy in a research report on Thursday, August 28th. Wells Fargo & Company lifted their price target on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, August 29th. Jefferies Financial Group lifted their price target on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Guggenheim restated a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Finally, Piper Sandler restated a “neutral” rating and issued a $75.00 target price (down from $82.00) on shares of Best Buy in a report on Monday, July 14th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $81.69.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.07, for a total value of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock worth $14,941,472 in the last quarter. 0.47% of the stock is currently owned by corporate insiders.

Best Buy Stock Performance

Shares of NYSE BBY opened at $79.71 on Friday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 2.10 and a beta of 1.23. The stock’s fifty day simple moving average is $74.78 and its 200 day simple moving average is $70.23. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $96.77.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. Best Buy’s revenue for the quarter was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a dividend of $0.95 per share. The ex-dividend date was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.8%. Best Buy’s payout ratio is currently 104.97%.

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.