Illinois Municipal Retirement Fund Increases Stock Holdings in Best Buy Co., Inc. $BBY

Illinois Municipal Retirement Fund raised its position in Best Buy Co., Inc. (NYSE:BBY) by 4.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,743 shares of the technology retailer’s stock after acquiring an additional 9,854 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.11% of Best Buy worth $14,172,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BBY. Woodline Partners LP grew its holdings in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after acquiring an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario increased its position in shares of Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC raised its stake in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 0.1%

NYSE:BBY opened at $85.46 on Friday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $87.35. The stock has a market cap of $18.01 billion, a P/E ratio of 15.83, a P/E/G ratio of 2.27 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. The stock has a 50-day simple moving average of $72.19 and a 200-day simple moving average of $67.45.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.05. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts anticipate 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 disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were issued a dividend of $0.96 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction on Friday, June 26th. The shares were 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 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 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 valued at $77,283,527 in the last 90 days. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

BBY has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 28th. UBS Group reaffirmed a “neutral” rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Morgan Stanley lifted their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Guggenheim reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy 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.