Meiji Yasuda Asset Management Co Ltd. Boosts Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Meiji Yasuda Asset Management Co Ltd. increased its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,616 shares of the technology retailer's stock after purchasing an additional 18,976 shares during the quarter. Best Buy accounts for 0.7% of Meiji Yasuda Asset Management Co Ltd.'s investment portfolio, making the stock its 24th largest position. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.10% of Best Buy worth $19,015,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Pathstone Holdings LLC boosted its stake in shares of Best Buy by 2.7% during the 3rd quarter. Pathstone Holdings LLC now owns 33,975 shares of the technology retailer's stock worth $3,511,000 after acquiring an additional 899 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Best Buy by 7.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,195 shares of the technology retailer's stock worth $3,739,000 after purchasing an additional 2,548 shares in the last quarter. Citigroup Inc. grew its holdings in Best Buy by 4.1% in the third quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer's stock valued at $33,140,000 after purchasing an additional 12,694 shares during the last quarter. Cerity Partners LLC increased its position in shares of Best Buy by 31.9% in the third quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer's stock valued at $17,109,000 after buying an additional 40,076 shares in the last quarter. Finally, Sompo Asset Management Co. Ltd. acquired a new position in shares of Best Buy during the 3rd quarter worth $211,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

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Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,951 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $214,390.15. Following the sale, the chief accounting officer now directly owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the transaction, the chief financial officer now directly owns 55,856 shares in the company, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Trading Down 3.5 %

Shares of BBY traded down $2.59 during mid-day trading on Friday, reaching $72.28. The company had a trading volume of 2,547,536 shares, compared to its average volume of 3,050,896. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a fifty day simple moving average of $82.51 and a 200-day simple moving average of $88.25. The stock has a market cap of $15.28 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the company posted $2.72 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BBY. Barclays cut their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research report on Thursday, January 9th. Morgan Stanley reduced their target price on Best Buy from $100.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 5th. DA Davidson dropped their price target on Best Buy from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Guggenheim cut their price target on Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Truist Financial decreased their price objective on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and a consensus target price of $93.50.

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.