North Dakota State Investment Board Purchases New Holdings in Best Buy Co., Inc. $BBY

North Dakota State Investment Board purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,259 shares of the technology retailer’s stock, valued at approximately $1,958,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Palisade Asset Management LLC purchased a new position in Best Buy in the third quarter valued at about $25,000. Torren Management LLC purchased a new position in Best Buy in the fourth quarter valued at about $25,000. Root Financial Partners LLC purchased a new position in Best Buy in the third quarter valued at about $32,000. Quest 10 Wealth Builders Inc. boosted its holdings in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the last quarter. Finally, Activest Wealth Management boosted its holdings in Best Buy by 1,247.1% in the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 424 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Trading Up 3.0%

NYSE:BBY opened at $57.94 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $62.08 and its two-hundred day moving average is $67.80. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company has a market cap of $12.21 billion, a PE ratio of 11.50, a P/E/G ratio of 1.39 and a beta of 1.22.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. During the same quarter last year, the business posted $2.58 EPS. Best Buy’s quarterly revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts predict that Best Buy Co., Inc. will post 6.5 EPS for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is currently 76.19%.

Analysts Set New Price Targets

BBY has been the subject of a number of analyst reports. Jefferies Financial Group reduced their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a report on Monday, February 9th. Piper Sandler reissued a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. Wedbush increased their price target on Best Buy from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Morgan Stanley reduced their target price on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. Finally, DA Davidson set a $78.00 target price on Best Buy in a report on Thursday, March 5th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average target price of $70.80.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares in the company, valued at approximately $4,922,113.68. This represents a 12.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the sale, the executive vice president owned 102,669 shares in the company, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 77,247 shares of company stock worth $4,945,353. Corporate insiders own 0.59% of the company’s stock.

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.