71,246 Shares in Best Buy Co., Inc. (NYSE:BBY) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the fourth quarter, HoldingsChannel reports. The fund acquired 71,246 shares of the technology retailer’s stock, valued at approximately $6,132,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Rakuten Securities Inc. increased its position 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 valued at $29,000 after buying an additional 311 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. raised its position in shares of Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock worth $32,000 after acquiring an additional 243 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $34,000. Finally, Trust Co. of Vermont boosted its position in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on BBY. Jefferies Financial Group lowered their price objective on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Piper Sandler dropped their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Barclays decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research note on Thursday, January 9th. Citigroup restated a “neutral” rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company lowered their price objective on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.28.

Best Buy Trading Down 8.8 %

NYSE:BBY opened at $55.87 on Wednesday. The company has a market cap of $11.81 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. 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 company has a 50 day simple moving average of $79.33 and a two-hundred day simple moving average of $86.38. Best Buy Co., Inc. has a 12 month low of $55.00 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations 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 business earned $2.72 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.80%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares in the company, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy 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 owns 378,780 shares of the company’s stock, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 78,355 shares of company stock worth $5,767,213. 0.59% of the stock is owned by company insiders.

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.