Mitsubishi UFJ Trust & Banking Corp Acquires 3,127 Shares of Best Buy Co., Inc. (NYSE:BBY)

Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 1.1% during the 4th quarter, Holdings Channel reports. The firm owned 285,137 shares of the technology retailer’s stock after buying an additional 3,127 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Best Buy were worth $24,465,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Best Buy by 9.4% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 221,616 shares of the technology retailer’s stock valued at $19,015,000 after buying an additional 18,976 shares during the last quarter. United Services Automobile Association increased its holdings in Best Buy by 0.4% in the 4th quarter. United Services Automobile Association now owns 92,610 shares of the technology retailer’s stock valued at $7,946,000 after acquiring an additional 373 shares during the last quarter. Vanguard Group Inc. lifted its stake in Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Stevens Capital Management LP boosted its holdings in shares of Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after purchasing an additional 15,741 shares during the last quarter. Finally, LPL Financial LLC boosted its holdings in shares of Best Buy by 26.9% during the 4th quarter. LPL Financial LLC now owns 117,075 shares of the technology retailer’s stock valued at $10,045,000 after purchasing an additional 24,785 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the purchase, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $74.89 on Friday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average is $82.70 and its two-hundred day moving average is $88.48. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company has a market capitalization of $15.83 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the business posted $2.72 earnings per share. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.07%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BBY shares. Loop Capital reiterated a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Guggenheim decreased their price objective on Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Truist Financial decreased their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Finally, Wedbush reissued a “neutral” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $93.50.

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.