Dai ichi Life Insurance Company Ltd Sells 200,000 Shares of Best Buy Co., Inc. (NYSE:BBY)

Dai ichi Life Insurance Company Ltd decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 93.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,232 shares of the technology retailer’s stock after selling 200,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Best Buy were worth $1,114,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Principal Financial Group Inc. increased its stake in Best Buy by 1.2% in the third quarter. Principal Financial Group Inc. now owns 255,724 shares of the technology retailer’s stock worth $17,765,000 after purchasing an additional 3,127 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Best Buy by 8.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 91,846 shares of the technology retailer’s stock worth $6,381,000 after acquiring an additional 7,017 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Best Buy during the third quarter valued at approximately $80,000. Ieq Capital LLC boosted its holdings in shares of Best Buy by 9.9% in the third quarter. Ieq Capital LLC now owns 4,446 shares of the technology retailer’s stock valued at $309,000 after purchasing an additional 399 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Best Buy by 3.6% in the third quarter. Victory Capital Management Inc. now owns 1,187,778 shares of the technology retailer’s stock worth $82,515,000 after purchasing an additional 41,456 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY traded up $1.87 during mid-day trading on Friday, reaching $71.50. The company had a trading volume of 2,983,427 shares, compared to its average volume of 2,259,591. The stock has a 50 day moving average of $76.44 and a two-hundred day moving average of $74.82. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $15.47 billion, a P/E ratio of 12.57, a PEG ratio of 2.08 and a beta of 1.50. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.21. The firm had revenue of $14.65 billion during the quarter, compared to analyst estimates of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.61 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were given a dividend of $0.94 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.26%. Best Buy’s dividend payout ratio (DPR) is 66.08%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent research reports. Truist Financial lifted their price objective on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a report on Friday, March 1st. UBS Group upped their target price on Best Buy from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Wedbush boosted their price target on Best Buy from $75.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, March 1st. Morgan Stanley raised their price objective on Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, Jefferies Financial Group decreased their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $84.00.

Insider Activity at Best Buy

In other Best Buy news, insider Todd G. Hartman sold 3,973 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Best Buy news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares of the company’s stock, valued at $2,119,601.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. 0.59% of the stock is owned by company insiders.

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.