Meiji Yasuda Asset Management Co Ltd. Sells 82,415 Shares of Best Buy Co., Inc. $BBY

Key Points

• Meiji Yasuda Asset Management Co Ltd. has cut its stake in Best Buy Co., Inc. by 37.2%, now owning 139,201 shares worth approximately $10.25 million after selling 82,415 shares.
• The company announced a quarterly dividend of $0.95 per share, representing a 5.0% annual yield and a payout ratio of 104.97%.
• Best Buy's quarterly earnings beat expectations with $1.28 earnings per share, and it reported revenue of $9.44 billion, surpassing forecasts of $9.23 billion.

Meiji Yasuda Asset Management Co Ltd. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 37.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,201 shares of the technology retailer's stock after selling 82,415 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned 0.07% of Best Buy worth $10,247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after acquiring an additional 13,378 shares during the period. GAMMA Investing LLC boosted its stake in Best Buy by 5,519.3% during the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock valued at $12,744,000 after buying an additional 170,050 shares during the period. Rhumbline Advisers boosted its stake in Best Buy by 10.2% during the first quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer's stock valued at $36,972,000 after buying an additional 46,645 shares during the period. Blackhawk Capital Partners LLC. bought a new stake in shares of Best Buy during the 1st quarter worth $1,574,000. Finally, Alberta Investment Management Corp raised its position in Best Buy by 25.6% during the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock valued at $2,422,000 after purchasing an additional 6,700 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. UBS Group dropped their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Wells Fargo & Company upped their price target on Best Buy from $67.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Loop Capital lowered their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Wedbush lifted their price objective on Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, August 29th. Finally, Guggenheim reaffirmed a "buy" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $82.59.

Best Buy Stock Performance

BBY traded up $1.83 during mid-day trading on Thursday, reaching $78.44. 2,720,633 shares of the company traded hands, compared to its average volume of 3,659,510. The stock has a market capitalization of $16.48 billion, a P/E ratio of 21.67, a P/E/G ratio of 2.03 and a beta of 1.19. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The company's fifty day moving average price is $70.98 and its 200-day moving average price is $70.68. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.48.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm's revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is presently 104.97%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total value of $14,511,400.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,833 shares of company stock worth $14,941,472. 0.47% of the stock is currently owned by insiders.

Best Buy 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.