Teacher Retirement System of Texas Purchases 219,000 Shares of Best Buy Co Inc (NYSE:BBY)

Teacher Retirement System of Texas lifted its position in Best Buy Co Inc (NYSE:BBY) by 88.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 467,211 shares of the technology retailer’s stock after buying an additional 219,000 shares during the period. Teacher Retirement System of Texas’ holdings in Best Buy were worth $32,579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors bought a new stake in shares of Best Buy in the 2nd quarter valued at $27,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Best Buy in the 1st quarter valued at $34,000. Braun Bostich & Associates Inc. bought a new stake in shares of Best Buy in the 1st quarter valued at $40,000. NEXT Financial Group Inc increased its holdings in Best Buy by 67.2% during the 2nd quarter. NEXT Financial Group Inc now owns 667 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 268 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC bought a new position in Best Buy during the 2nd quarter worth about $47,000. Institutional investors and hedge funds own 78.16% of the company’s stock.

A number of equities analysts have issued reports on BBY shares. Cleveland Research reiterated a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Jefferies Financial Group upgraded Best Buy from a “hold” rating to a “buy” rating and increased their target price for the stock from $72.00 to $88.00 in a report on Wednesday, April 24th. Goldman Sachs Group started coverage on Best Buy in a report on Thursday, July 11th. They set a “neutral” rating and a $73.00 target price for the company. Finally, Wedbush set a $71.00 target price on Best Buy and gave the stock a “hold” rating in a report on Friday, May 24th. Thirteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Best Buy has an average rating of “Hold” and a consensus price target of $77.67.

In related news, Director Lisa Caputo sold 2,500 shares of Best Buy stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $75.20, for a total value of $188,000.00. Following the transaction, the director now directly owns 45,936 shares of the company’s stock, valued at $3,454,387.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hubert Joly sold 600,826 shares of Best Buy stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $64.42, for a total transaction of $38,705,210.92. The disclosure for this sale can be found here. Insiders have sold 1,991,686 shares of company stock valued at $140,623,220 over the last 90 days. Company insiders own 0.95% of the company’s stock.

BBY stock traded down $0.20 during mid-day trading on Thursday, hitting $67.66. 54,336 shares of the company were exchanged, compared to its average volume of 2,673,411. The business has a 50 day simple moving average of $71.63 and a 200-day simple moving average of $68.86. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $17.69 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.31 and a beta of 1.06. Best Buy Co Inc has a 1-year low of $47.72 and a 1-year high of $84.37.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business posted $0.82 earnings per share. Equities research analysts expect that Best Buy Co Inc will post 5.74 earnings per share for the current year.

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

Featured Story: Convertible Shares

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:BBY).

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.