State of New Jersey Common Pension Fund D Sells 1,759 Shares of Best Buy Co., Inc. $BBY

State of New Jersey Common Pension Fund D lessened its holdings in Best Buy Co., Inc. (NYSE:BBY) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 66,577 shares of the technology retailer’s stock after selling 1,759 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Best Buy were worth $4,469,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Community Bank & Trust Waco Texas grew its position in Best Buy by 0.5% in the 1st quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock valued at $2,280,000 after acquiring an additional 145 shares during the last quarter. HB Wealth Management LLC grew its position in Best Buy by 2.4% in the 1st quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer’s stock valued at $467,000 after acquiring an additional 149 shares during the last quarter. Townsquare Capital LLC grew its position in Best Buy by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock valued at $454,000 after acquiring an additional 153 shares during the last quarter. Capital Investment Advisors LLC grew its position in Best Buy by 0.8% in the 2nd quarter. Capital Investment Advisors LLC now owns 19,033 shares of the technology retailer’s stock valued at $1,278,000 after acquiring an additional 154 shares during the last quarter. Finally, Bailard Inc. lifted its holdings in shares of Best Buy by 0.7% in the 1st quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock worth $1,617,000 after buying an additional 157 shares during the period. Institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,018 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 325,836 shares of the stock in a transaction dated Tuesday, October 21st. The shares were sold at an average price of $82.35, for a total value of $26,832,594.60. Following the completion of the sale, the chairman owned 12,161,068 shares of the company’s stock, valued at approximately $1,001,463,949.80. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,027,669 shares of company stock valued at $82,189,066. 0.59% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Argus reissued a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Citigroup reissued a “buy” rating on shares of Best Buy in a research report on Thursday, August 28th. Truist Financial increased their price target on Best Buy from $69.00 to $72.00 and gave the stock a “hold” rating in a research report on Friday, August 29th. Finally, Piper Sandler reissued a “neutral” rating and set a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $81.69.

Best Buy Trading Down 0.4%

Shares of NYSE BBY opened at $82.89 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The stock has a market capitalization of $17.42 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 2.19 and a beta of 1.23. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $95.49. The business has a fifty day moving average price of $76.11 and a 200 day moving average price of $71.21.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the business posted $1.34 earnings per share. The firm’s revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a $0.95 dividend. The ex-dividend date was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a yield of 4.6%. Best Buy’s dividend payout ratio (DPR) is 104.97%.

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.