Teacher Retirement System of Texas Has $18.53 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Teacher Retirement System of Texas trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 9.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 215,973 shares of the technology retailer’s stock after selling 22,163 shares during the quarter. Teacher Retirement System of Texas’ holdings in Best Buy were worth $18,530,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. raised its position in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Best Buy during the fourth quarter worth approximately $32,000. LRI Investments LLC raised its position in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the period. OFI Invest Asset Management acquired a new position in shares of Best Buy during the fourth quarter worth approximately $34,000. Finally, Trust Co. of Vermont raised its position in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after purchasing an additional 384 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the purchase, the chief executive officer now owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.59% of the stock is owned by corporate insiders.

Best Buy Stock Up 0.2 %

BBY stock opened at $73.63 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a fifty day moving average of $83.34 and a 200-day moving average of $89.17.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company earned $2.72 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. Best Buy’s dividend payout ratio is presently 88.99%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of research reports. Wells Fargo & Company lowered their target price on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI lowered their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Truist Financial lowered their price target on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. Finally, Guggenheim lowered their price target on Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $93.50.

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.