543,668 Shares in Best Buy Co., Inc. $BBY Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 543,668 shares of the technology retailer’s stock, valued at approximately $41,321,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.26% of Best Buy as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake in shares of Best Buy by 99.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new stake in shares of Best Buy during the fourth quarter worth approximately $174,685,000. Schroder Investment Management Group lifted its holdings in shares of Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after purchasing an additional 2,449,342 shares during the period. Bank of New York Mellon Corp purchased a new position in Best Buy in the 2nd quarter valued at $174,893,000. Finally, Hsbc Holdings PLC grew its position in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at $1,596,294. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. The trade was a 2.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on BBY. Weiss Ratings upgraded shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Bank of America began coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 target price on the stock. Piper Sandler reiterated a “neutral” rating and set a $77.00 price target on shares of Best Buy in a research note on Thursday, May 28th. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Finally, Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $82.70.

Best Buy Price Performance

Shares of NYSE BBY opened at $89.33 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $81.84 and its 200 day moving average price is $70.47. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $91.26. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 2.51 and a beta of 1.29.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a yield of 4.3%. Best Buy’s dividend payout ratio is presently 71.11%.

About Best Buy

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.