543,668 Shares in Best Buy Co., Inc. $BBY Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management purchased 543,668 Best Buy shares worth approximately $41.3 million, while institutional investors and hedge funds collectively own 80.96% of the stock.
• Analyst sentiment remains mixed, with Best Buy carrying a consensus “Hold” rating and an average price target of $82.70, below the reported opening price of $89.33.
• Best Buy exceeded quarterly earnings and revenue expectations, reporting $1.28 in EPS and $8.94 billion in revenue, while maintaining a quarterly dividend of $0.96 per share, equivalent to a 4.3% annualized yield.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 543,668 shares of the technology retailer's stock, valued at approximately $41,321,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.26% of Best Buy as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake in shares of 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 valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter worth approximately $174,685,000. Schroder Investment Management Group lifted its holdings in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after purchasing an additional 2,449,342 shares during the period. Bank of New York Mellon Corp purchased a new position in Best Buy in the 2nd quarter valued at $174,893,000. Finally, Hsbc Holdings PLC grew its position in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock valued at $135,685,000 after buying an additional 1,030,544 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company's stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Weiss Ratings upgraded shares of Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an "underperform" rating and a $80.00 target price on the stock. Piper Sandler reiterated a "neutral" rating and set a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Wall Street Zen cut shares of Best Buy from a "buy" rating to a "hold" rating in a report on Monday, July 20th. Finally, Guggenheim restated a "buy" rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $82.70.

Best Buy Price Performance

Shares of NYSE BBY opened at $89.33 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company's 50-day moving average price is $81.84 and its 200 day moving average price is $70.47. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 2.51 and a beta of 1.29.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analysts' expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. Best Buy's dividend payout ratio is presently 71.11%.

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.

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