Dai ichi Life Insurance Company Ltd Decreases Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Dai ichi Life Insurance Company Ltd lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 90.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,232 shares of the technology retailer’s stock after selling 130,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Best Buy were worth $1,367,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Richardson Financial Services Inc. increased its holdings in Best Buy by 190.9% during the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after buying an additional 210 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Best Buy during the 2nd quarter worth approximately $35,000. Harbor Capital Advisors Inc. bought a new stake in shares of Best Buy in the 3rd quarter worth approximately $40,000. Whittier Trust Co. lifted its stake in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after purchasing an additional 171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Best Buy by 103.6% during the first quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock valued at $42,000 after purchasing an additional 259 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of several research reports. Melius Research began coverage on Best Buy in a research note on Monday, September 23rd. They issued a “hold” rating and a $100.00 target price on the stock. Wells Fargo & Company cut 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 report on Wednesday. Bank of America boosted their price target on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. Loop Capital cut their price objective on shares of Best Buy from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday. Finally, UBS Group lowered their target price on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.82.

Best Buy Stock Performance

Shares of NYSE BBY opened at $88.15 on Thursday. The stock has a market cap of $18.93 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 2.44 and a beta of 1.47. The stock’s 50-day moving average is $94.16 and its 200 day moving average is $89.07. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1-year low of $68.67 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The firm had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the business posted $1.22 EPS. The business’s quarterly revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.27%. Best Buy’s payout ratio is 64.83%.

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.