Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Best Buy Co., Inc. by 13.8%, holding 522,101 shares worth approximately $38.5 million as of its latest SEC filing.
• Best Buy's earnings per share for the recent quarter was $1.15, exceeding the consensus estimate of $1.09, while its quarterly revenue remained stable at $8.77 billion.
• The company declared a quarterly dividend of $0.95 per share, reflecting a 5.5% yield and a payout ratio of approximately 92.91%.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 13.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 522,101 shares of the technology retailer's stock after purchasing an additional 63,332 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.25% of Best Buy worth $38,463,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new position in shares of Best Buy in the 1st quarter valued at $203,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Best Buy by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after purchasing an additional 408,605 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Best Buy during the first quarter worth about $1,726,000. West Michigan Advisors LLC grew its holdings in shares of Best Buy by 1.0% during the first quarter. West Michigan Advisors LLC now owns 42,979 shares of the technology retailer's stock worth $3,205,000 after purchasing an additional 411 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its holdings in shares of Best Buy by 3.3% during the first quarter. Atria Wealth Solutions Inc. now owns 19,330 shares of the technology retailer's stock worth $1,437,000 after purchasing an additional 613 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Performance

NYSE:BBY opened at $68.98 on Friday. The firm's fifty day moving average price is $69.15 and its 200 day moving average price is $72.73. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. The firm has a market cap of $14.58 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 1.82 and a beta of 1.21.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

Insiders Place Their Bets

In related news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.47% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on BBY. UBS Group dropped their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research note on Friday, May 30th. Wedbush lowered their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Loop Capital lowered their target price on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $85.72.

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.

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