Sumitomo Mitsui Trust Group Inc. Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 560,897 shares of the technology retailer’s stock after purchasing an additional 13,798 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Best Buy were worth $57,941,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BBY. Bleakley Financial Group LLC lifted its position in shares of Best Buy by 5.4% during the 1st quarter. Bleakley Financial Group LLC now owns 6,025 shares of the technology retailer’s stock valued at $494,000 after buying an additional 311 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Best Buy by 11.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 263,849 shares of the technology retailer’s stock valued at $20,651,000 after purchasing an additional 27,936 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Best Buy by 9.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 372,405 shares of the technology retailer’s stock worth $30,535,000 after purchasing an additional 32,546 shares in the last quarter. SageView Advisory Group LLC acquired a new position in shares of Best Buy during the 1st quarter worth about $309,000. Finally, Kingsview Wealth Management LLC purchased a new position in Best Buy in the 1st quarter valued at about $695,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

BBY stock opened at $91.59 on Friday. Best Buy Co., Inc. has a 52-week low of $62.92 and a 52-week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market cap of $19.67 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.47. The business has a fifty day moving average of $95.97 and a two-hundred day moving average of $87.97.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $9.23 billion. During the same period last year, the company earned $1.22 EPS. The company’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.11%. Best Buy’s dividend payout ratio is currently 64.83%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Bank of America boosted their price objective on Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a research note on Friday, August 30th. Wedbush increased their price objective on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Barclays increased their target price on shares of Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Finally, Piper Sandler restated 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $103.35.

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.