Meiji Yasuda Asset Management Co Ltd. raised its position in Best Buy Co Inc (NYSE:BBY) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,266 shares of the technology retailer’s stock after buying an additional 210 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Best Buy were worth $730,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Xact Kapitalforvaltning AB boosted its position in Best Buy by 43.6% in the 1st quarter. Xact Kapitalforvaltning AB now owns 61,207 shares of the technology retailer’s stock valued at $4,349,000 after buying an additional 18,575 shares during the last quarter. HRT Financial LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $1,105,000. Conning Inc. boosted its holdings in shares of Best Buy by 5,774.3% in the first quarter. Conning Inc. now owns 640,709 shares of the technology retailer’s stock valued at $45,529,000 after acquiring an additional 629,802 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Best Buy by 6.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,123,417 shares of the technology retailer’s stock worth $59,249,000 after buying an additional 72,456 shares in the last quarter. Finally, Kinneret Advisory LLC acquired a new position in Best Buy in the 4th quarter worth approximately $1,248,000. Hedge funds and other institutional investors own 78.71% of the company’s stock.
Several brokerages have recently weighed in on BBY. Wedbush reiterated a “neutral” rating and set a $65.00 target price on shares of Best Buy in a research report on Friday, February 22nd. Bank of America upgraded shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 target price on the stock in a research report on Wednesday, February 27th. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Thursday, February 28th. Telsey Advisory Group reiterated a “market perform” rating and set a $74.00 target price (up from $67.00) on shares of Best Buy in a research report on Thursday, February 28th. Finally, Morgan Stanley lifted their target price on shares of Best Buy from $65.00 to $77.00 and gave the company an “equal weight” rating in a research report on Thursday, February 28th. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $77.81.
Shares of Best Buy stock opened at $65.82 on Friday. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $84.37. The stock has a market capitalization of $17.58 billion, a P/E ratio of 12.37, a PEG ratio of 1.28 and a beta of 1.05. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The company had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.14 billion. During the same quarter in the previous year, the firm earned $0.82 earnings per share. Best Buy’s revenue was up .4% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co Inc will post 5.73 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 13th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Wednesday, June 12th. Best Buy’s payout ratio is 37.59%.
Best Buy announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 27th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other news, CEO Hubert Joly sold 171,711 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $73.68, for a total transaction of $12,651,666.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rajendra M. Mohan sold 30,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $73.92, for a total value of $2,217,600.00. The disclosure for this sale can be found here. Insiders have sold 814,973 shares of company stock valued at $54,406,869 in the last three months. 0.95% of the stock is owned by insiders.
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Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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