Mitsubishi UFJ Asset Management Co. Ltd. Acquires 38,739 Shares of Best Buy Co., Inc. $BBY

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Best Buy Co., Inc. (NYSE:BBY) by 8.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 478,965 shares of the technology retailer’s stock after acquiring an additional 38,739 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Best Buy were worth $33,180,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in BBY. AQR Capital Management LLC increased its stake in Best Buy by 99.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares during the period. KBC Group NV increased its stake in Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after buying an additional 785,294 shares during the period. Balyasny Asset Management L.P. purchased a new position in Best Buy in the 3rd quarter worth about $55,475,000. Jacobs Levy Equity Management Inc. increased its stake in Best Buy by 2,683.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer’s stock worth $52,381,000 after buying an additional 667,801 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its stake in Best Buy by 855.5% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock worth $46,094,000 after buying an additional 614,779 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on BBY shares. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Piper Sandler reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, March 4th. Telsey Advisory Group reduced their price target on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Jefferies Financial Group reduced their price target on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, February 9th. Finally, BNP Paribas Exane raised their price target on shares of Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $71.75.

Best Buy Stock Up 1.5%

NYSE:BBY opened at $59.42 on Friday. Best Buy Co., Inc. has a fifty-two week low of $56.68 and a fifty-two week high of $84.99. The stock has a market capitalization of $12.52 billion, a P/E ratio of 11.79, a P/E/G ratio of 1.47 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The company’s 50-day simple moving average is $63.01 and its 200-day simple moving average is $69.04.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same period last year, the business earned $2.58 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.5 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were paid a $0.96 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 dividend on an annualized basis and a yield of 6.5%. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the sale, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason J. Bonfig sold 6,336 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 77,247 shares of company stock worth $4,945,353 over the last ninety days. Company insiders own 0.47% of the company’s stock.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.