Meiji Yasuda Asset Management Co Ltd. Purchases 9,205 Shares of Best Buy Co., Inc. $BBY

Meiji Yasuda Asset Management Co Ltd. increased its position in Best Buy Co., Inc. (NYSE:BBY) by 6.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 160,416 shares of the technology retailer’s stock after acquiring an additional 9,205 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Best Buy were worth $12,131,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BBY. Harbor Capital Advisors Inc. boosted its position in Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Best Buy during the 3rd quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Best Buy in the 2nd quarter worth approximately $33,000. MUFG Securities EMEA plc bought a new position in shares of Best Buy in the 2nd quarter worth approximately $38,000. Finally, True Wealth Design LLC grew its position in Best Buy by 775.3% during the second quarter. True Wealth Design LLC now owns 639 shares of the technology retailer’s stock valued at $43,000 after buying an additional 566 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several analyst reports. Telsey Advisory Group dropped their price target on shares of Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday. Morgan Stanley decreased their target price on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday. Barclays lowered their target price on Best Buy from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 8th. Daiwa Securities Group reduced their price target on Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Truist Financial lowered their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating on the stock in a research report on Tuesday. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $76.20.

Best Buy Trading Up 1.3%

Shares of Best Buy stock opened at $66.48 on Friday. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $84.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.26 and a current ratio of 1.11. The company has a market capitalization of $13.90 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.65 and a beta of 1.46. The company has a fifty day moving average of $66.63 and a 200 day moving average of $72.76.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last 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, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.8%. The ex-dividend date is Tuesday, March 24th. This is an increase from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is presently 75.40%.

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.