Meiji Yasuda Asset Management Co Ltd. Has $17.46 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Meiji Yasuda Asset Management Co Ltd. boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 10.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 207,098 shares of the technology retailer’s stock after acquiring an additional 19,763 shares during the period. Best Buy accounts for about 0.7% of Meiji Yasuda Asset Management Co Ltd.’s holdings, making the stock its 27th biggest position. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.10% of Best Buy worth $17,456,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BBY. Private Advisor Group LLC bought a new stake in Best Buy during the 4th quarter valued at $328,000. ING Groep NV lifted its holdings in shares of Best Buy by 61.5% in the fourth quarter. ING Groep NV now owns 5,612 shares of the technology retailer’s stock valued at $439,000 after purchasing an additional 2,137 shares in the last quarter. Norges Bank purchased a new stake in Best Buy in the 4th quarter valued at $165,164,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Best Buy by 275.9% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 18,153 shares of the technology retailer’s stock worth $1,421,000 after acquiring an additional 13,324 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Best Buy by 52.9% in the 4th quarter. Wells Fargo & Company MN now owns 212,594 shares of the technology retailer’s stock worth $16,642,000 after acquiring an additional 73,579 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on BBY shares. Bank of America raised their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Loop Capital upped their target price on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group lifted their price target on Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.56.

Insider Buying and Selling

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Richard M. Schulze sold 691,328 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the completion of the sale, the chairman now owns 14,911,525 shares of the company’s stock, valued at approximately $1,319,073,501.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,383,370 shares of company stock worth $122,233,276. Corporate insiders own 0.59% of the company’s stock.

Best Buy Stock Up 0.7 %

BBY opened at $99.48 on Wednesday. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a fifty day moving average price of $89.41 and a 200-day moving average price of $83.10. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The firm has a market capitalization of $21.46 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

About Best Buy

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.