MU Investments Co. Ltd. Decreases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

MU Investments Co. Ltd. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 5.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,230 shares of the technology retailer’s stock after selling 2,080 shares during the period. Best Buy makes up approximately 3.5% of MU Investments Co. Ltd.’s holdings, making the stock its 21st biggest holding. MU Investments Co. Ltd.’s holdings in Best Buy were worth $2,567,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Best Buy during the 1st quarter worth approximately $27,000. Adirondack Trust Co. purchased a new stake in Best Buy during the 1st quarter valued at $30,000. Concord Wealth Partners raised its holdings in Best Buy by 39.4% during the 1st quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock valued at $35,000 after buying an additional 110 shares during the period. Mascoma Wealth Management LLC raised its holdings in Best Buy by 77.9% during the 1st quarter. Mascoma Wealth Management LLC now owns 386 shares of the technology retailer’s stock valued at $35,000 after buying an additional 169 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Best Buy during the 1st quarter valued at $38,000. 79.86% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other news, EVP Damien Harmon sold 1,308 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Damien Harmon sold 1,308 shares of Best Buy stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew M. Bilunas sold 890 shares of Best Buy stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total value of $70,390.10. Following the sale, the chief financial officer now directly owns 59,513 shares of the company’s stock, valued at approximately $4,706,883.17. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,254 shares of company stock worth $174,545. Insiders own 0.44% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent research reports. UBS Group decreased their price target on Best Buy from $80.00 to $76.00 and set a “neutral” rating on the stock in a report on Thursday, July 28th. The Goldman Sachs Group reiterated a “sell” rating and issued a $82.00 target price (down previously from $96.00) on shares of Best Buy in a research note on Tuesday, June 7th. Citigroup increased their target price on Best Buy from $59.00 to $61.00 and gave the stock a “sell” rating in a research note on Wednesday, August 31st. Piper Sandler reduced their target price on Best Buy from $91.00 to $84.00 and set an “overweight” rating on the stock in a research note on Monday, August 8th. Finally, Wells Fargo & Company reduced their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $86.13.

Best Buy Price Performance

BBY opened at $72.63 on Monday. The business’s 50-day moving average is $75.70 and its two-hundred day moving average is $82.32. Best Buy Co., Inc. has a 1 year low of $64.29 and a 1 year high of $141.97. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.96 and a quick ratio of 0.27. The firm has a market capitalization of $16.35 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 0.66 and a beta of 1.50.

Best Buy (NYSE:BBYGet Rating) last posted its earnings results on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.27. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The company had revenue of $10.33 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the firm earned $2.98 earnings per share. The firm’s quarterly revenue was down 12.8% compared to the same quarter last year. Research analysts anticipate that Best Buy Co., Inc. will post 6.17 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Tuesday, September 20th will be paid a dividend of $0.88 per share. The ex-dividend date is Monday, September 19th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.85%. Best Buy’s payout ratio is 47.18%.

About Best Buy

(Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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