Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,391 shares of the technology retailer’s stock after selling 8,054 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Best Buy were worth $2,416,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BBY. Los Angeles Capital Management LLC increased its position in shares of Best Buy by 82.1% during the first quarter. Los Angeles Capital Management LLC now owns 10,095 shares of the technology retailer’s stock worth $828,000 after acquiring an additional 4,550 shares during the period. Park Avenue Securities LLC raised its position in Best Buy by 7.3% in the first quarter. Park Avenue Securities LLC now owns 6,927 shares of the technology retailer’s stock worth $568,000 after acquiring an additional 469 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Best Buy by 19.2% in the 1st quarter. Ballentine Partners LLC now owns 5,648 shares of the technology retailer’s stock valued at $463,000 after purchasing an additional 908 shares in the last quarter. Hoxton Planning & Management LLC increased its holdings in Best Buy by 8.7% in the first quarter. Hoxton Planning & Management LLC now owns 3,182 shares of the technology retailer’s stock valued at $261,000 after buying an additional 255 shares in the last quarter. Finally, Viking Fund Management LLC increased its stake in Best Buy by 900.0% in the 1st quarter. Viking Fund Management LLC now owns 2,000 shares of the technology retailer’s stock valued at $164,000 after purchasing an additional 1,800 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Down 3.1 %

BBY opened at $93.17 on Tuesday. The company has a market cap of $20.10 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The firm has a 50 day moving average price of $95.60 and a 200 day moving average price of $86.36.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating 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 business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is currently 65.85%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research report on Thursday, August 29th. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday, August 30th. DA Davidson reaffirmed a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Loop Capital boosted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.59% of the company’s stock.

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.