Retirement Systems of Alabama Has $4.42 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Retirement Systems of Alabama increased its holdings in Best Buy Co., Inc. (NYSE:BBY) by 0.7% in the third quarter, Holdings Channel reports. The institutional investor owned 42,782 shares of the technology retailer’s stock after buying an additional 306 shares during the period. Retirement Systems of Alabama’s holdings in Best Buy were worth $4,419,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BBY. Park Avenue Securities LLC increased its stake in Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after acquiring an additional 103 shares during the period. Greenleaf Trust increased its position in shares of Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after purchasing an additional 108 shares during the period. SeaCrest Wealth Management LLC raised its stake in Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after purchasing an additional 118 shares in the last quarter. Tobam lifted its position in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares during the period. Finally, Hoxton Planning & Management LLC lifted its position in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BBY. Truist Financial dropped their target price on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Loop Capital restated a “buy” rating and set a $100.00 price objective on shares of Best Buy in a research report on Wednesday. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Evercore ISI boosted their price target on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company dropped their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Stock Performance

Best Buy stock opened at $85.20 on Friday. The business has a 50 day moving average of $90.64 and a 200-day moving average of $90.54. 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 Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a market capitalization of $18.22 billion, a P/E ratio of 14.56, a P/E/G ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.29 earnings per share. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.41%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is presently 64.27%.

Best Buy 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.