Mitsubishi UFJ Asset Management Co. Ltd. Buys 38,739 Shares of Best Buy Co., Inc. $BBY

Key Points

• Mitsubishi UFJ Asset Management increased its Best Buy stake by 8.8% in the fourth quarter, buying 38,739 more shares and bringing its total holding to 478,965 shares worth about $33.2 million.
• Insider selling was notable, with CFO Matthew M. Bilunas and CEO Corie S. Barry both selling shares on March 23; insiders sold 77,247 shares over the last three months.
• Best Buy reported better-than-expected earnings of $2.61 per share, raised its quarterly dividend to $0.96 per share, and now offers an annualized yield of 6.5%, though analysts still rate the stock a consensus "Hold".

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 478,965 shares of the technology retailer's stock after acquiring an additional 38,739 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.23% of Best Buy worth $33,180,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of Best Buy in the fourth quarter worth approximately $322,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Best Buy in the fourth quarter worth approximately $1,741,000. One Wealth Advisors LLC grew its stake in shares of Best Buy by 30.6% in the fourth quarter. One Wealth Advisors LLC now owns 7,395 shares of the technology retailer's stock worth $495,000 after acquiring an additional 1,731 shares during the period. Fifth Third Bancorp grew its position in Best Buy by 10.8% during the fourth quarter. Fifth Third Bancorp now owns 9,183 shares of the technology retailer's stock valued at $615,000 after buying an additional 898 shares during the period. Finally, Danske Bank A S grew its position in Best Buy by 12.6% during the fourth quarter. Danske Bank A S now owns 123,620 shares of the technology retailer's stock valued at $8,274,000 after buying an additional 13,823 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 11,356 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer owned 76,884 shares in the company, valued at $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Corie S. Barry sold 42,869 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. This trade represents a 7.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 77,247 shares of company stock valued at $4,945,353. Insiders own 0.47% of the company's stock.

Best Buy Price Performance

BBY stock opened at $59.42 on Friday. Best Buy Co., Inc. has a one year low of $56.68 and a one year high of $84.99. The company's fifty day moving average price is $63.01 and its 200-day moving average price is $69.04. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The company has a market capitalization of $12.52 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.47 and a beta of 1.22.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion for the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company's quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy Co., Inc. will post 6.5 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 6.5%. This is a positive change from Best Buy's previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. Best Buy's dividend payout ratio (DPR) is presently 76.19%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBY shares. Piper Sandler restated a "buy" rating on shares of Best Buy in a research report on Wednesday, March 4th. Evercore set a $65.00 target price on shares of Best Buy in a research report on Tuesday, April 14th. Truist Financial cut their target price on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating for the company in a research report on Tuesday, March 3rd. Telsey Advisory Group cut their target price on shares of Best Buy from $95.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, March 4th. Finally, Jefferies Financial Group cut their target price on shares of Best Buy from $94.00 to $89.00 and set a "buy" rating for the company in a research report on Monday, February 9th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus price target of $71.75.

Best Buy Company Profile

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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