Asset Management One Co. Ltd. Purchases 19,405 Shares of Best Buy Co., Inc. (NYSE:BBY)

Asset Management One Co. Ltd. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 27.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,341 shares of the technology retailer's stock after buying an additional 19,405 shares during the period. Asset Management One Co. Ltd.'s holdings in Best Buy were worth $9,332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Richardson Financial Services Inc. lifted its position in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock valued at $27,000 after acquiring an additional 210 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Best Buy during the third quarter worth about $40,000. Innealta Capital LLC acquired a new stake in Best Buy during the second quarter worth about $35,000. Whittier Trust Co. increased its holdings in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after buying an additional 171 shares during the period. Finally, Benjamin Edwards Inc. raised its position in shares of Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock valued at $42,000 after buying an additional 166 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BBY shares. Bank of America increased their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. Barclays lifted their price target on Best Buy from $81.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, August 30th. Piper Sandler restated an "overweight" rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wells Fargo & Company lifted their target price on Best Buy from $80.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, August 30th. Finally, Evercore ISI increased their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

Best Buy Trading Down 1.0 %

Shares of BBY stock traded down $0.91 on Friday, hitting $89.20. The company had a trading volume of 2,629,774 shares, compared to its average volume of 2,991,839. The stock's 50-day moving average is $97.01 and its two-hundred day moving average is $87.45. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market cap of $19.15 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.43 and a beta of 1.47. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.22 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's payout ratio is 64.83%.

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.