Meiji Yasuda Asset Management Co Ltd. Purchases 9,205 Shares of Best Buy Co., Inc. $BBY

Meiji Yasuda Asset Management Co Ltd. boosted its position in Best Buy Co., Inc. (NYSE:BBY) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 160,416 shares of the technology retailer’s stock after purchasing an additional 9,205 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.08% of Best Buy worth $12,131,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC increased its stake in shares of Best Buy by 5.8% in the 3rd quarter. Natixis Advisors LLC now owns 53,269 shares of the technology retailer’s stock worth $4,028,000 after acquiring an additional 2,907 shares in the last quarter. Korea Investment CORP boosted its stake in Best Buy by 46.5% during the third quarter. Korea Investment CORP now owns 174,108 shares of the technology retailer’s stock worth $13,166,000 after acquiring an additional 55,266 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Best Buy by 38.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 147,821 shares of the technology retailer’s stock worth $11,178,000 after purchasing an additional 41,073 shares during the period. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Best Buy during the third quarter valued at approximately $1,337,000. Finally, Blair William & Co. IL increased its stake in shares of Best Buy by 3.5% during the third quarter. Blair William & Co. IL now owns 48,712 shares of the technology retailer’s stock valued at $3,684,000 after purchasing an additional 1,657 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 1.3%

BBY stock opened at $66.48 on Friday. The stock has a market capitalization of $13.90 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.65 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.26. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $84.99. The business has a fifty day moving average price of $66.63 and a 200-day moving average price of $72.76.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same period last year, the firm posted $2.58 earnings per share. Best Buy’s revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a dividend yield of 5.8%. Best Buy’s dividend payout ratio is presently 75.40%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BBY. Wedbush dropped their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 24th. Morgan Stanley dropped their target price on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday. Telsey Advisory Group cut their target price on Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday. Barclays lowered their price target on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, January 8th. Finally, Daiwa Securities Group dropped their price target on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating on the stock in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $76.20.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.