New York State Teachers Retirement System Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

New York State Teachers Retirement System increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 10.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 202,284 shares of the technology retailer's stock after buying an additional 18,487 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Best Buy worth $17,356,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Golden State Wealth Management LLC purchased a new stake in Best Buy in the 4th quarter worth approximately $32,000. Trust Co. of Vermont boosted its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Best Buy in the 3rd quarter worth approximately $40,000. LRI Investments LLC boosted its position in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after purchasing an additional 335 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Best Buy in the 3rd quarter worth approximately $44,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Down 0.1 %

Shares of BBY traded down $0.12 during midday trading on Thursday, reaching $90.98. The company had a trading volume of 3,448,965 shares, compared to its average volume of 2,454,934. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The stock has a market cap of $19.45 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 2.13 and a beta of 1.43. The firm has a 50 day simple moving average of $86.00 and a 200-day simple moving average of $90.23. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period last year, the business earned $1.29 earnings per share. The firm's revenue was down 3.2% compared to the same quarter last year. Research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy's dividend payout ratio (DPR) is presently 64.27%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Guggenheim lowered their price objective on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a research report on Friday, November 29th. Morgan Stanley lowered their price objective on Best Buy from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. Truist Financial decreased their target price on Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research report on Wednesday, November 27th. Barclays decreased their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 9th. Finally, UBS Group decreased their target price on Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of "Moderate Buy" and a consensus target price of $101.72.

Insiders Place Their Bets

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the firm's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.59% of the company's stock.

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.