Asset Management One Co. Ltd. Purchases 3,280 Shares of Best Buy Co., Inc. (NYSE:BBY)

Asset Management One Co. Ltd. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,835 shares of the technology retailer’s stock after purchasing an additional 3,280 shares during the period. Asset Management One Co. Ltd.’s holdings in Best Buy were worth $6,024,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Rakuten Securities Inc. increased its stake in shares of Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after purchasing an additional 311 shares during the period. Vermillion Wealth Management Inc. bought a new position in shares of Best Buy during the fourth quarter worth approximately $31,000. Atlas Capital Advisors Inc. increased its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its stake in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock worth $32,000 after purchasing an additional 374 shares during the period. Finally, OFI Invest Asset Management bought a new position in shares of Best Buy during the fourth quarter worth approximately $34,000. Institutional investors own 80.96% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BBY shares. Barclays reduced their price target on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Citigroup reissued a “neutral” rating and set a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Piper Sandler reduced their price target on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, May 30th. Finally, DA Davidson reissued a “buy” rating and set a $110.00 price target on shares of Best Buy in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.11.

Best Buy Trading Down 0.4%

NYSE BBY opened at $68.19 on Friday. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. Best Buy Co., Inc. has a twelve month low of $54.99 and a twelve month high of $103.71. The company has a market cap of $14.41 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 1.80 and a beta of 1.25. The business’s fifty day moving average is $69.29 and its 200 day moving average is $76.18.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter last year, the business posted $1.20 EPS. Best Buy’s revenue for the quarter was down .9% on a year-over-year basis. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 5.57%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio is currently 92.91%.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the firm’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now directly owns 196,100 shares of the company’s stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.47% of the stock is owned by corporate insiders.

About Best Buy

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.