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

Sumitomo Mitsui DS Asset Management Company Ltd reduced its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 25.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 23,391 shares of the technology retailer’s stock after selling 8,054 shares during the period. 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 hedge funds have also made changes to their positions in BBY. Park Avenue Securities LLC increased its holdings in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after buying an additional 103 shares during the last quarter. SeaCrest Wealth Management LLC increased its holdings in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after acquiring an additional 118 shares during the last quarter. Tobam raised its position in shares of Best Buy by 15.6% during the 2nd quarter. Tobam now owns 895 shares of the technology retailer’s stock valued at $75,000 after acquiring an additional 121 shares in the last quarter. Hoxton Planning & Management LLC lifted its stake in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares during the last quarter. Finally, LVW Advisors LLC boosted its holdings in Best Buy by 2.3% in the second quarter. LVW Advisors LLC now owns 5,716 shares of the technology retailer’s stock worth $482,000 after purchasing an additional 130 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on BBY. Wedbush increased their target price on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Telsey Advisory Group increased their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Truist Financial lifted their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Trading Down 3.1 %

Shares of NYSE:BBY opened at $93.17 on Tuesday. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a market cap of $20.10 billion, a P/E ratio of 16.32, a P/E/G ratio of 2.58 and a beta of 1.46. The company has a 50 day moving average of $95.60 and a 200-day moving average of $86.36.

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

Best Buy Dividend Announcement

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

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 88,542 shares of Best Buy 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 transaction, the chairman now owns 13,602,853 shares of the company’s stock, valued at $1,200,451,777.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.59% of the stock is owned by company insiders.

Best Buy 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.