Best Buy Co., Inc. (NYSE:BBY) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 73,003 shares of the technology retailer’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in Best Buy were worth $5,988,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. LPL Financial LLC raised its holdings in shares of Best Buy by 1.3% during the third quarter. LPL Financial LLC now owns 98,888 shares of the technology retailer’s stock valued at $6,870,000 after buying an additional 1,233 shares during the last quarter. Bank of Nova Scotia raised its stake in Best Buy by 12.8% during the 3rd quarter. Bank of Nova Scotia now owns 19,206 shares of the technology retailer’s stock valued at $1,334,000 after acquiring an additional 2,174 shares in the last quarter. Lazard Asset Management LLC boosted its position in Best Buy by 1,290.3% during the 3rd quarter. Lazard Asset Management LLC now owns 150,296 shares of the technology retailer’s stock worth $10,440,000 after acquiring an additional 139,486 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Best Buy by 31.1% in the third quarter. Adage Capital Partners GP L.L.C. now owns 123,100 shares of the technology retailer’s stock worth $8,552,000 after purchasing an additional 29,200 shares in the last quarter. Finally, Lido Advisors LLC increased its holdings in shares of Best Buy by 21.4% during the third quarter. Lido Advisors LLC now owns 4,392 shares of the technology retailer’s stock valued at $305,000 after purchasing an additional 775 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Price Performance

BBY opened at $82.17 on Wednesday. The firm has a market capitalization of $17.72 billion, a P/E ratio of 14.39, a PEG ratio of 2.72 and a beta of 1.48. The stock has a fifty day moving average of $79.88 and a 200-day moving average of $77.79. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period last year, the company posted $1.15 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th will be paid a $0.94 dividend. The ex-dividend date is Thursday, June 20th. This represents a $3.76 annualized dividend and a yield of 4.58%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Ratings Changes

Several research firms have commented on BBY. Loop Capital raised their target price on shares of Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. Jefferies Financial Group dropped their price objective on Best Buy from $95.00 to $94.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $106.00 in a research note on Monday, June 17th. DA Davidson boosted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Wedbush restated a “neutral” rating and set a $85.00 price objective on shares of Best Buy in a research report on Tuesday, May 28th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.87.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Best Buy news, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now owns 15,890,103 shares of the company’s stock, valued at $1,364,165,342.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The disclosure for this sale can be found here. Insiders sold a total of 2,004,149 shares of company stock worth $166,397,807 in the last quarter. 0.59% of the stock is currently owned by corporate insiders.

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.