Teacher Retirement System of Texas Sells 22,163 Shares of Best Buy Co., Inc. (NYSE:BBY)

Teacher Retirement System of Texas lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 9.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 215,973 shares of the technology retailer’s stock after selling 22,163 shares during the quarter. Teacher Retirement System of Texas owned 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 position in shares of Best Buy by 971.9% in the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in Best Buy in the fourth quarter valued at about $32,000. OFI Invest Asset Management acquired a new position in Best Buy in the fourth quarter valued at about $34,000. Trust Co. of Vermont raised its stake 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 in the last quarter. Finally, LRI Investments LLC raised its stake in Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BBY shares. DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley dropped their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Jefferies Financial Group dropped their price target on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company dropped their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Finally, Piper Sandler lowered their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average target price of $93.50.

Insider Activity at Best Buy

In other Best Buy news, CEO Corie S. Barry purchased 13,500 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This 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 is available at the SEC website. Also, CAO Mathew Watson sold 3,182 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $73.63 on Friday. The business’s 50 day simple moving average is $83.34 and its 200 day simple moving average is $89.17. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The stock has a market capitalization of $15.74 billion, a PE ratio of 12.59, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the business posted $2.72 earnings per share. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.16%. Best Buy’s dividend payout ratio is presently 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.