Mitsubishi UFJ Asset Management Co. Ltd. Purchases 23,677 Shares of Best Buy Co., Inc. (NYSE:BBY)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.4% in the 4th quarter, Holdings Channel reports. The fund owned 458,769 shares of the technology retailer’s stock after buying an additional 23,677 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Best Buy were worth $38,409,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in 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. Golden State Wealth Management LLC bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $32,000. OFI Invest Asset Management purchased a new stake in shares of Best Buy during the 4th quarter valued at approximately $34,000. Trust Co. of Vermont boosted its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock worth $36,000 after buying an additional 384 shares during the period. Finally, LRI Investments LLC grew its stake in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after buying an additional 335 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In related news, insider Todd G. Hartman sold 4,893 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the transaction, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Corie S. Barry acquired 13,500 shares of the stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. The trade was a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 over the last three months. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of analyst reports. Telsey Advisory Group cut their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. DA Davidson cut their target price on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Evercore ISI decreased their price target on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Wedbush reissued a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a report on Monday, March 3rd. Finally, Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $93.50.

Best Buy Price Performance

BBY opened at $72.28 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The stock has a 50-day moving average price of $82.51 and a 200-day moving average price of $88.25. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the firm earned $2.72 earnings per share. Equities analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.26%. Best Buy’s payout ratio is currently 88.99%.

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.