Teacher Retirement System of Texas Trims Stake in Best Buy Co., Inc. (NYSE:BBY)

Teacher Retirement System of Texas decreased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 215,973 shares of the technology retailer's stock after selling 22,163 shares during the period. Teacher Retirement System of Texas owned approximately 0.10% of Best Buy worth $18,530,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BBY. Rakuten Securities Inc. boosted its stake in shares of Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Best Buy in the 4th quarter valued at $32,000. LRI Investments LLC boosted its holdings in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. OFI Invest Asset Management bought a new stake in Best Buy during the 4th quarter worth $34,000. Finally, Trust Co. of Vermont raised its position in Best Buy by 1,200.0% in the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock valued at $36,000 after purchasing an additional 384 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,355 shares of company stock worth $5,767,213 in the last 90 days. Insiders own 0.59% of the company's stock.

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Analysts Set New Price Targets

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. Bank of America decreased their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Loop Capital reissued a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $93.50.

Best Buy Stock Up 0.2 %

Shares of NYSE BBY traded up $0.16 during mid-day trading on Wednesday, reaching $74.78. 2,398,061 shares of the company were exchanged, compared to its average volume of 2,964,176. 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 $15.81 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $83.01 and a 200 day moving average of $88.68.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter last year, the company posted $2.72 earnings per share. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.08%. The ex-dividend date is Tuesday, March 25th. This is a positive change from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is currently 88.99%.

Best Buy Company 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.