State of New Jersey Common Pension Fund D Lowers Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

State of New Jersey Common Pension Fund D reduced its holdings in Best Buy Co., Inc. (NYSE:BBYFree Report) by 1.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,662 shares of the technology retailer’s stock after selling 2,070 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Best Buy were worth $7,688,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. EA Series Trust acquired a new position in Best Buy in the second quarter valued at $222,000. Dai ichi Life Insurance Company Ltd increased its stake in Best Buy by 1,405.3% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock valued at $14,883,000 after purchasing an additional 200,000 shares during the last quarter. National Bank of Canada FI increased its stake in Best Buy by 126.6% in the third quarter. National Bank of Canada FI now owns 77,784 shares of the technology retailer’s stock valued at $5,372,000 after purchasing an additional 43,457 shares during the last quarter. Capital Investment Advisors LLC increased its stake in Best Buy by 328.7% in the third quarter. Capital Investment Advisors LLC now owns 141,356 shares of the technology retailer’s stock valued at $9,820,000 after purchasing an additional 108,385 shares during the last quarter. Finally, Banco Santander S.A. acquired a new position in Best Buy in the third quarter valued at $3,885,000. 76.10% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Trading Up 0.1 %

Shares of BBY opened at $75.60 on Monday. The stock has a 50-day moving average price of $74.99 and a 200 day moving average price of $72.95. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $89.23. The company has a market capitalization of $16.28 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.23 and a current ratio of 0.99.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings data on Tuesday, November 21st. The technology retailer reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Best Buy had a return on equity of 49.13% and a net margin of 2.93%. The firm had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.90 billion. During the same quarter in the prior year, the firm posted $1.38 earnings per share. Best Buy’s revenue for the quarter was down 7.8% compared to the same quarter last year. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.16 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Tuesday, December 12th were given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date was Monday, December 11th. Best Buy’s payout ratio is 63.45%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several research analyst reports. Wells Fargo & Company dropped their price target on Best Buy from $80.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, November 13th. Wedbush upped their price target on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 24th. Truist Financial dropped their price target on Best Buy from $74.00 to $68.00 and set a “hold” rating for the company in a research note on Wednesday, November 22nd. UBS Group dropped their price target on Best Buy from $85.00 to $76.00 and set a “neutral” rating for the company in a research note on Monday, November 13th. Finally, The Goldman Sachs Group upgraded Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $85.00 in a research note on Thursday, October 19th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $77.43.

Get Our Latest Report on Best Buy

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 48,401 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $75.07, for a total value of $3,633,463.07. Following the sale, the chairman now directly owns 253,370 shares in the company, valued at approximately $19,020,485.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 48,401 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $75.07, for a total transaction of $3,633,463.07. Following the completion of the transaction, the chairman now directly owns 253,370 shares of the company’s stock, valued at approximately $19,020,485.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 313,728 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $76.97, for a total value of $24,147,644.16. Following the transaction, the chairman now directly owns 199,448 shares of the company’s stock, valued at $15,351,512.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 686,796 shares of company stock worth $52,374,450. 0.56% of the stock is currently owned by company insiders.

Best Buy Profile

(Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBYFree Report).

Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.