Maryland State Retirement & Pension System Buys 1,921 Shares of Best Buy Co., Inc. (NYSE:BBY)

Maryland State Retirement & Pension System increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 12.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,794 shares of the technology retailer’s stock after acquiring an additional 1,921 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Best Buy were worth $1,416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rise Advisors LLC boosted its stake in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares in the last quarter. Access Investment Management LLC acquired a new stake in Best Buy during the fourth quarter worth $27,000. Palisade Asset Management LLC acquired a new stake in Best Buy during the first quarter worth $27,000. PrairieView Partners LLC boosted its stake in Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares in the last quarter. Finally, Innealta Capital LLC acquired a new stake in Best Buy during the second quarter worth $35,000. Institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 2,383,370 shares of company stock valued at $208,083,276 in the last ninety days. 0.59% of the stock is owned by insiders.

Best Buy Trading Up 0.2 %

NYSE:BBY traded up $0.22 on Friday, hitting $100.40. 5,553,076 shares of the stock were exchanged, compared to its average volume of 3,132,615. The stock has a market capitalization of $21.66 billion, a price-to-earnings ratio of 17.57, a P/E/G ratio of 2.76 and a beta of 1.48. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The company’s 50-day moving average price is $85.74 and its 200 day moving average price is $80.92.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.22 EPS. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.75%. Best Buy’s dividend payout ratio (DPR) is presently 65.85%.

Analysts Set New Price Targets

A number of research firms have weighed in on BBY. Truist Financial lifted their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday. DA Davidson boosted their target price on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Telsey Advisory Group boosted their target price on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup boosted their target price on shares of Best Buy from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Friday. Finally, Piper Sandler restated an “overweight” rating and issued a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $100.94.

About Best Buy

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.