Sumitomo Mitsui DS Asset Management Company Ltd Raises Position in Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,401 shares of the technology retailer’s stock after acquiring an additional 1,028 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Best Buy were worth $2,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Hartford Financial Management Inc. boosted its stake in shares of Best Buy by 56.5% during the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 140 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Best Buy by 4.0% during the 4th quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after acquiring an additional 148 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Best Buy by 14.6% during the 3rd quarter. Allworth Financial LP now owns 1,215 shares of the technology retailer’s stock worth $84,000 after acquiring an additional 155 shares during the last quarter. Estate Counselors LLC boosted its stake in shares of Best Buy by 1.1% during the 3rd quarter. Estate Counselors LLC now owns 15,290 shares of the technology retailer’s stock worth $1,062,000 after acquiring an additional 160 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its stake in shares of Best Buy by 14.1% during the 4th quarter. Global Retirement Partners LLC now owns 1,341 shares of the technology retailer’s stock worth $96,000 after acquiring an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the sale, the chief executive officer now directly owns 431,231 shares in the company, valued at approximately $32,670,060.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the transaction, the chief executive officer now directly owns 429,159 shares in the company, valued at $35,105,206.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Corie S. Barry sold 366 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total transaction of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares in the company, valued at $32,670,060.56. The disclosure for this sale can be found here. Insiders have sold a total of 52,023 shares of company stock worth $4,253,900 in the last three months. Insiders own 0.56% of the company’s stock.

Best Buy Stock Performance

Shares of NYSE BBY opened at $75.05 on Wednesday. The firm’s fifty day moving average is $77.98 and its two-hundred day moving average is $74.07. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market cap of $16.16 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same period in the previous year, the firm posted $2.61 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This is an increase from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.01%. Best Buy’s payout ratio is 66.08%.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. The Goldman Sachs Group lifted their price target on shares of Best Buy from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Wedbush lifted their target price on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Truist Financial lifted their target price on shares of Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. UBS Group lifted their target price on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Citigroup lifted their target price on shares of Best Buy from $67.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a 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 $84.60.

About Best Buy

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.