543,668 Shares in Best Buy Co., Inc. $BBY Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Best Buy Co., Inc. (NYSE:BBY) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 543,668 shares of the technology retailer’s stock, valued at approximately $41,321,000.

A number of other large investors also recently made changes to their positions in BBY. Tema ETFs LLC boosted its holdings in shares of Best Buy by 6.5% during the second quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer’s stock worth $179,000 after purchasing an additional 145 shares during the last quarter. Krane Funds Advisors LLC grew its position in shares of Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares during the period. Applied Finance Capital Management LLC increased its stake in Best Buy by 3.8% in the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after purchasing an additional 157 shares during the last quarter. J. Team Financial Inc. increased its stake in Best Buy by 4.2% in the fourth quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock valued at $285,000 after purchasing an additional 171 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in Best Buy by 6.2% during the fourth quarter. UMB Bank n.a. now owns 3,158 shares of the technology retailer’s stock worth $211,000 after buying an additional 185 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at $1,596,294. This represents a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,002,134 shares of company stock worth $77,283,527 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Best Buy Stock Up 2.4%

Shares of Best Buy stock opened at $89.33 on Thursday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $91.26. The stock has a market cap of $18.83 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a fifty day moving average price of $81.84 and a 200 day moving average price of $70.47.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BBY. Wells Fargo & Company raised their price target on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. upped their price objective on shares of Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Guggenheim reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, May 29th. Evercore raised their target price on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Finally, Wedbush boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $82.70.

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.