Teacher Retirement System of Texas lifted its stake in shares of Best Buy Co Inc (NYSE:BBY) by 15.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 456,959 shares of the technology retailer’s stock after purchasing an additional 60,833 shares during the period. Teacher Retirement System of Texas owned 0.17% of Best Buy worth $24,201,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Thrivent Financial for Lutherans lifted its holdings in Best Buy by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,719 shares of the technology retailer’s stock valued at $568,000 after acquiring an additional 189 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in Best Buy by 9.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,557 shares of the technology retailer’s stock valued at $135,000 after purchasing an additional 228 shares during the period. Kepos Capital LP raised its position in Best Buy by 0.3% in the fourth quarter. Kepos Capital LP now owns 84,310 shares of the technology retailer’s stock valued at $4,465,000 after purchasing an additional 233 shares during the period. Huntington National Bank raised its position in Best Buy by 22.6% in the fourth quarter. Huntington National Bank now owns 1,295 shares of the technology retailer’s stock valued at $69,000 after purchasing an additional 239 shares during the period. Finally, Buckley Wealth Management LLC raised its position in Best Buy by 7.3% in the fourth quarter. Buckley Wealth Management LLC now owns 4,056 shares of the technology retailer’s stock valued at $215,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 84.10% of the company’s stock.
Shares of Best Buy stock traded up $0.24 during trading hours on Friday, reaching $73.64. 2,377,419 shares of the company were exchanged, compared to its average volume of 2,542,213. Best Buy Co Inc has a 1 year low of $47.72 and a 1 year high of $84.37. The company has a current ratio of 1.18, a quick ratio of 0.46 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $19.72 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.48 and a beta of 0.94.
Best Buy declared that its Board of Directors has approved a share repurchase program on Wednesday, February 27th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the technology retailer to buy up to 18.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, March 19th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.72%. This is an increase from Best Buy’s previous quarterly dividend of $0.45. Best Buy’s payout ratio is presently 37.59%.
In related news, major shareholder Richard M. Schulze sold 25,443 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $68.22, for a total transaction of $1,735,721.46. Following the completion of the transaction, the insider now owns 1,732,500 shares in the company, valued at $118,191,150. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Rajendra M. Mohan sold 30,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $73.92, for a total transaction of $2,217,600.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,440,995 shares of company stock valued at $99,946,348. Insiders own 0.75% of the company’s stock.
A number of analysts have issued reports on the company. Oppenheimer raised Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a research report on Friday, March 22nd. Evercore ISI assumed coverage on Best Buy in a research report on Wednesday, March 20th. They issued an “in-line” rating and a $75.00 target price on the stock. Bank of America raised Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 target price on the stock in a research report on Wednesday, February 27th. Citigroup boosted their target price on Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $74.00 target price (up previously from $67.00) on shares of Best Buy in a research report on Thursday, February 28th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $76.82.
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About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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