Meiji Yasuda Asset Management Co Ltd. Takes $15.62 Million Position in Best Buy Co., Inc. $BBY

Meiji Yasuda Asset Management Co Ltd. acquired a new position in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 205,846 shares of the technology retailer’s stock, valued at approximately $15,620,000. Best Buy comprises about 0.7% of Meiji Yasuda Asset Management Co Ltd.’s investment portfolio, making the stock its 25th biggest position.

Several other large investors have also bought and sold shares of BBY. Concurrent Investment Advisors LLC raised its holdings in Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after purchasing an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Best Buy in the 4th quarter valued at $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Best Buy by 42.9% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock worth $15,059,000 after buying an additional 67,600 shares during the period. Oxbow Advisors LLC acquired a new stake in shares of Best Buy during the fourth quarter worth $6,295,000. Finally, Crossmark Global Holdings Inc. boosted its position in Best Buy by 199.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 36,342 shares of the technology retailer’s stock valued at $2,432,000 after acquiring an additional 24,219 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 0.2%

BBY opened at $86.07 on Monday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The firm has a market capitalization of $18.14 billion, a PE ratio of 15.94, a P/E/G ratio of 2.47 and a beta of 1.29. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company’s 50-day moving average is $82.15 and its 200 day moving average is $70.76.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. Best Buy’s revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts predict that Best Buy Co., Inc. will post 6.57 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were issued a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.5%. Best Buy’s dividend payout ratio is currently 71.11%.

Wall Street Analyst Weigh In

BBY has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Guggenheim reissued a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Truist Financial raised Best Buy from a “hold” rating to a “buy” rating and upped their target price for the stock from $81.00 to $95.00 in a research report on Tuesday, August 11th. Finally, Telsey Advisory Group increased their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $83.10.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 over the last three months. 0.50% of the stock is owned by insiders.

About Best Buy

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.