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

MU Investments Co. Ltd. lessened its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,240 shares of the technology retailer’s stock after selling 200 shares during the period. Best Buy makes up about 4.0% of MU Investments Co. Ltd.’s holdings, making the stock its 15th biggest position. MU Investments Co. Ltd.’s holdings in Best Buy were worth $3,182,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Covenant Asset Management LLC increased its position in Best Buy by 1.9% in the second quarter. Covenant Asset Management LLC now owns 7,145 shares of the technology retailer’s stock worth $586,000 after purchasing an additional 131 shares during the last quarter. NorthCrest Asset Manangement LLC increased its position in Best Buy by 1.6% during the first quarter. NorthCrest Asset Manangement LLC now owns 9,250 shares of the technology retailer’s stock valued at $724,000 after acquiring an additional 150 shares during the last quarter. Epoch Investment Partners Inc. increased its position in Best Buy by 2.5% during the first quarter. Epoch Investment Partners Inc. now owns 6,189 shares of the technology retailer’s stock valued at $484,000 after acquiring an additional 152 shares during the last quarter. Pathstone Family Office LLC increased its position in Best Buy by 2.2% during the fourth quarter. Pathstone Family Office LLC now owns 7,321 shares of the technology retailer’s stock valued at $593,000 after acquiring an additional 157 shares during the last quarter. Finally, Signaturefd LLC increased its position in Best Buy by 7.2% during the first quarter. Signaturefd LLC now owns 2,438 shares of the technology retailer’s stock valued at $191,000 after acquiring an additional 164 shares during the last quarter. Institutional investors own 76.10% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $0.32 during trading on Tuesday, hitting $70.96. 543,995 shares of the stock traded hands, compared to its average volume of 2,304,195. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40. The company has a market cap of $15.44 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.89 and a beta of 1.54. The company has a fifty day moving average price of $78.49 and a two-hundred day moving average price of $76.72. Best Buy Co., Inc. has a 52-week low of $60.78 and a 52-week high of $93.32.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.16. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The firm had revenue of $9.58 billion for the quarter, compared to analysts’ expectations of $9.52 billion. During the same quarter last year, the company earned $1.54 EPS. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.22 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be paid a dividend of $0.92 per share. The ex-dividend date is Monday, September 18th. This represents a $3.68 annualized dividend and a yield of 5.19%. Best Buy’s dividend payout ratio (DPR) is presently 63.34%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BBY. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Credit Suisse Group lowered their target price on shares of Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, May 25th. Guggenheim reissued a “buy” rating and set a $86.00 target price on shares of Best Buy in a research note on Wednesday, August 30th. Wells Fargo & Company boosted their target price on shares of Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. Finally, UBS Group lowered their price objective on shares of Best Buy from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, August 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.67.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 250,000 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $82.90, for a total transaction of $20,725,000.00. Following the transaction, the chairman now owns 390,148 shares of the company’s stock, valued at approximately $32,343,269.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard M. Schulze sold 250,000 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $82.90, for a total transaction of $20,725,000.00. Following the transaction, the chairman now owns 390,148 shares of the company’s stock, valued at approximately $32,343,269.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 34,191 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $81.30, for a total transaction of $2,779,728.30. Following the transaction, the executive vice president now directly owns 65,039 shares in the company, valued at approximately $5,287,670.70. The disclosure for this sale can be found here. Insiders have sold a total of 384,191 shares of company stock valued at $32,028,728 in the last 90 days. 0.56% of the stock is owned by insiders.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.