Mitsubishi UFJ Asset Management Co. Ltd. Acquires 23,677 Shares of Best Buy Co., Inc. (NYSE:BBY)

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 458,769 shares of the technology retailer's stock after buying an additional 23,677 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.21% of Best Buy worth $38,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BBY. Korea Investment CORP increased its holdings in Best Buy by 45.8% during the 4th quarter. Korea Investment CORP now owns 153,199 shares of the technology retailer's stock valued at $13,144,000 after purchasing an additional 48,090 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in Best Buy in the 4th quarter valued at about $352,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Best Buy by 1.1% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 285,137 shares of the technology retailer's stock worth $24,465,000 after purchasing an additional 3,127 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Best Buy by 9.4% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 221,616 shares of the technology retailer's stock worth $19,015,000 after acquiring an additional 18,976 shares during the last quarter. Finally, United Services Automobile Association lifted its stake in shares of Best Buy by 0.4% during the fourth quarter. United Services Automobile Association now owns 92,610 shares of the technology retailer's stock valued at $7,946,000 after acquiring an additional 373 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

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Analyst Upgrades and Downgrades

Several brokerages have weighed in on BBY. Citigroup dropped their price objective on Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Guggenheim reduced their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Bank of America dropped their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a research report on Wednesday, March 5th. Piper Sandler cut their price target on Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on Best Buy from $89.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $93.50.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the transaction, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 78,355 shares of company stock worth $5,767,213. Insiders own 0.59% of the company's stock.

Best Buy Stock Up 1.0 %

Shares of Best Buy stock traded up $0.75 on Tuesday, hitting $74.36. The company had a trading volume of 2,346,416 shares, compared to its average volume of 3,049,994. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a 50-day moving average of $82.34 and a 200-day moving average of $88.01. The firm has a market capitalization of $15.72 billion, a P/E ratio of 12.71, a P/E/G ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the business earned $2.72 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.11%. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

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.