Best Buy Co., Inc. $BBY Stock Holdings Boosted by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in Best Buy Co., Inc. (NYSE:BBY) by 52.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 127,454 shares of the technology retailer’s stock after acquiring an additional 43,837 shares during the period. State of Alaska Department of Revenue’s holdings in Best Buy were worth $10,328,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in shares of Best Buy during the second quarter valued at $1,932,812,000. Bank of New York Mellon Corp bought a new position in shares of Best Buy in the second quarter worth about $174,893,000. Deutsche Bank AG acquired a new position in Best Buy during the 2nd quarter worth $116,003,000. Legal & General Group Plc acquired a new position in shares of Best Buy during the second quarter valued at $83,427,000. Finally, Hsbc Holdings PLC acquired a new position in Best Buy during the 2nd quarter valued at about $79,627,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $94.08 on Friday. The stock has a market cap of $19.73 billion, a P/E ratio of 15.65, a P/E/G ratio of 2.23 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The company has a fifty day moving average price of $87.96 and a two-hundred day moving average price of $77.38. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $96.53.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.1%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is 63.89%.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and lowered their price target for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Barclays raised their price objective on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Wells Fargo & Company boosted their target price on Best Buy from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Finally, Evercore boosted their price target on shares of Best Buy from $85.00 to $90.00 in a research report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $85.65.

Best Buy Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.