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

Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 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 largest holding. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.10% of Best Buy as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BBY. Torren Management LLC acquired a new stake in shares of Best Buy during the fourth quarter worth $25,000. MV Capital Management Inc. bought a new stake in Best Buy in the 4th quarter valued at about $25,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy during the fourth quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after buying an additional 311 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm's 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. This trade represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. Company insiders own 0.50% of the company's stock.

Best Buy Price Performance

Best Buy stock opened at $86.07 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. 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 capitalization of $18.14 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. The stock has a fifty day moving average of $82.15 and a 200-day moving average of $70.76.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share 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 period in the prior year, the company earned $1.15 EPS. Best Buy's revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.57 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. Shareholders of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.5%. Best Buy's dividend payout ratio (DPR) is currently 71.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BBY shares. DA Davidson reissued a "buy" rating and set a $90.00 price target on shares of Best Buy in a research report on Monday, June 22nd. Wedbush lifted their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Bank of America started coverage on Best Buy in a report on Monday, August 3rd. They set an "underperform" rating and a $80.00 target price on the stock. Guggenheim restated a "buy" rating and issued a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Finally, Weiss Ratings raised Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $83.10.

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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