Resona Asset Management Co. Ltd. Acquires Shares of 71,246 Best Buy Co., Inc. (NYSE:BBY)

Resona Asset Management Co. Ltd. acquired a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 71,246 shares of the technology retailer's stock, valued at approximately $6,132,000.

A number of other hedge funds have also recently made changes to their positions in BBY. Rakuten Securities Inc. lifted its position in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth approximately $32,000. Atlas Capital Advisors Inc. lifted its holdings in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Best Buy during the fourth quarter valued at approximately $34,000. Finally, Trust Co. of Vermont grew its holdings in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Up 4.9 %

BBY stock traded up $2.97 during trading on Monday, hitting $63.40. 2,182,330 shares of the stock traded hands, compared to its average volume of 3,226,268. The stock has a market cap of $13.40 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The firm's 50 day moving average is $77.46 and its two-hundred day moving average is $85.35.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the company earned $2.72 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.99%. This is a boost from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. Best Buy's payout ratio is presently 88.99%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Todd G. Hartman sold 4,893 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 value of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last quarter. Company insiders own 0.59% of the company's stock.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of analyst reports. UBS Group set a $105.00 price objective on shares of Best Buy in a report on Wednesday, March 5th. Wedbush reiterated a "neutral" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Monday, March 3rd. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Bank of America decreased their target price on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a report on Wednesday, March 5th. Finally, Guggenheim cut their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of "Hold" and a consensus price target of $91.28.

Best Buy Company 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.