Louisiana State Employees Retirement System Takes Position in Best Buy Co., Inc. $BBY

Louisiana State Employees Retirement System acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,900 shares of the technology retailer’s stock, valued at approximately $636,000.

A number of other large investors also recently bought and sold shares of BBY. Torren Management LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. acquired a new stake in Best Buy in the 4th quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its holdings in Best Buy by 239.2% in the 4th 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. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Trading Up 1.3%

BBY opened at $78.98 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The company has a market cap of $16.65 billion, a P/E ratio of 14.63, a PEG ratio of 2.08 and a beta of 1.30. The business’s 50-day simple moving average is $68.88 and its 200-day simple moving average is $66.86.

Best Buy (NYSE:BBY) last posted 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 firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of Best Buy stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last quarter. 0.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Telsey Advisory Group set a $90.00 price target on Best Buy and gave the stock an “outperform” rating in a research note on Friday, May 29th. Citigroup boosted their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company increased 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. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a report on Saturday. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price 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.