Retirement Systems of Alabama cut its stake in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 83.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,562 shares of the technology retailer's stock after selling 325,447 shares during the period. Retirement Systems of Alabama's holdings in Best Buy were worth $4,216,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Community Bank & Trust Waco Texas raised its stake in Best Buy by 0.9% during the third quarter. Community Bank & Trust Waco Texas now owns 19,044 shares of the technology retailer's stock worth $1,206,000 after acquiring an additional 165 shares in the last quarter. Private Trust Co. NA boosted its position in Best Buy by 5.2% in the third quarter. Private Trust Co. NA now owns 3,827 shares of the technology retailer's stock valued at $242,000 after buying an additional 189 shares in the last quarter. Global Retirement Partners LLC grew its stake in Best Buy by 45.6% during the third quarter. Global Retirement Partners LLC now owns 613 shares of the technology retailer's stock worth $42,000 after buying an additional 192 shares during the last quarter. Covenant Asset Management LLC increased its holdings in shares of Best Buy by 3.0% during the third quarter. Covenant Asset Management LLC now owns 6,752 shares of the technology retailer's stock worth $428,000 after buying an additional 194 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of Best Buy by 20.7% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 1,231 shares of the technology retailer's stock valued at $78,000 after acquiring an additional 211 shares during the last quarter. Institutional investors own 78.48% of the company's stock.
Get Best Buy alerts:Analyst Ratings Changes
A number of research firms recently commented on BBY. StockNews.com began coverage on Best Buy in a research report on Wednesday, October 12th. They set a "hold" rating on the stock. Truist Financial lifted their price target on Best Buy from $69.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, November 23rd. Credit Suisse Group started coverage on shares of Best Buy in a report on Monday, December 19th. They set a "neutral" rating and a $90.00 price objective on the stock. Wedbush boosted their target price on shares of Best Buy from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 23rd. Finally, Piper Sandler increased their price target on shares of Best Buy to $91.00 in a research note on Thursday, November 24th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $82.71.
Best Buy Trading Up 1.0 %
Shares of NYSE BBY opened at $89.65 on Thursday. The company has a quick ratio of 0.26, a current ratio of 0.98 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a twelve month low of $60.78 and a twelve month high of $112.96. The company's fifty day moving average is $82.87 and its 200-day moving average is $75.74. The stock has a market cap of $19.84 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 0.74 and a beta of 1.48.Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.35. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The company had revenue of $10.59 billion during the quarter, compared to the consensus estimate of $10.30 billion. During the same period in the prior year, the company earned $2.08 earnings per share. The company's revenue for the quarter was down 11.1% compared to the same quarter last year. Equities research analysts predict that Best Buy Co., Inc. will post 6.58 EPS for the current year.
Best Buy Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Tuesday, December 13th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Monday, December 12th. Best Buy's dividend payout ratio is 52.69%.
Insider Buying and Selling
In related news, EVP Damien Harmon sold 2,500 shares of the company's stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $79.99, for a total value of $199,975.00. Following the completion of the transaction, the executive vice president now directly owns 42,805 shares of the company's stock, valued at approximately $3,423,971.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Best Buy news, EVP Damien Harmon sold 2,500 shares of the business's stock in a transaction that occurred on Friday, December 23rd. The stock was sold at an average price of $79.99, for a total value of $199,975.00. Following the sale, the executive vice president now owns 42,805 shares in the company, valued at approximately $3,423,971.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 366,100 shares of the firm's stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $81.94, for a total transaction of $29,998,234.00. Following the transaction, the chairman now directly owns 590,148 shares of the company's stock, valued at $48,356,727.12. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by company insiders.
Best Buy Profile
(Get Rating)
Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.
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