Teachers Retirement System of The State of Kentucky Has $23.34 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Teachers Retirement System of The State of Kentucky decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 25.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 276,952 shares of the technology retailer’s stock after selling 94,731 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Best Buy were worth $23,344,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Raymond James & Associates lifted its stake in Best Buy by 17.0% in the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd bought a new stake in Best Buy during the second quarter worth about $121,325,000. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 55.4% in the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer’s stock valued at $116,252,000 after buying an additional 491,781 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insider Activity at Best Buy

In other news, 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 completion of the sale, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Chairman Richard M. Schulze sold 600,000 shares of Best Buy stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,383,370 shares of company stock valued at $122,233,276. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Performance

Shares of BBY stock opened at $103.30 on Tuesday. Best Buy Co., Inc. has a 52 week low of $62.30 and a 52 week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $22.28 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46. The firm has a 50 day moving average of $91.60 and a 200-day moving average of $84.48.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Thursday, September 19th will be issued 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 3.64%. Best Buy’s dividend payout ratio is presently 65.85%.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of analyst reports. Piper Sandler reissued an “overweight” rating and issued a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Melius Research assumed coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 price target on the stock. Finally, Bank of America lifted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $102.41.

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.