State of New Jersey Common Pension Fund D Trims Holdings in Best Buy Co., Inc. $BBY

State of New Jersey Common Pension Fund D trimmed its position in Best Buy Co., Inc. (NYSE:BBY) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure 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 SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Community Bank & Trust Waco Texas raised its stake in shares of Best Buy by 0.5% in the first quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock worth $2,280,000 after purchasing an additional 145 shares during the last quarter. HB Wealth Management LLC grew its holdings in Best Buy by 2.4% during the first quarter. HB Wealth Management LLC now owns 6,348 shares of the technology retailer’s stock worth $467,000 after acquiring an additional 149 shares during the period. Townsquare Capital LLC grew its holdings in Best Buy by 2.5% during the first quarter. Townsquare Capital LLC now owns 6,162 shares of the technology retailer’s stock worth $454,000 after acquiring an additional 153 shares during the period. Capital Investment Advisors LLC grew its holdings in Best Buy by 0.8% during the second quarter. Capital Investment Advisors LLC now owns 19,033 shares of the technology retailer’s stock worth $1,278,000 after acquiring an additional 154 shares during the period. Finally, Bailard Inc. grew its holdings in Best Buy by 0.7% during the first quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock worth $1,617,000 after acquiring an additional 157 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,000 shares of Best Buy stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the transaction, the chairman owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,027,669 shares of company stock worth $82,189,066. 0.59% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on BBY shares. Telsey Advisory Group reaffirmed an “outperform” rating and set a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Best Buy from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Barclays reaffirmed an “equal weight” rating and set a $74.00 target price on shares of Best Buy in a report on Friday, August 29th. Finally, Jefferies Financial Group raised their target price on Best Buy from $88.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.69.

Best Buy Stock Performance

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 business’s 50 day moving average price is $76.11 and its 200-day moving average price is $71.21. The firm has a market capitalization of $17.42 billion, a PE ratio of 22.90, a P/E/G 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.

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

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were given a dividend of $0.95 per share. 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 presently 104.97%.

About Best Buy

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.