Best Buy Co., Inc. $BBY Stock Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Best Buy Co., Inc. (NYSE:BBY) by 40.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,814 shares of the technology retailer’s stock after buying an additional 17,437 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Best Buy were worth $5,366,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Clark Wealth Partners bought a new stake in shares of Best Buy in the 3rd quarter valued at about $29,000. Ashurst Perkins Coie Trust Co boosted its holdings in Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock valued at $35,000 after acquiring an additional 169 shares during the period. Maseco LLP bought a new position in Best Buy during the 1st quarter worth approximately $37,000. Aberdeen Wealth Management LLC bought a new position in Best Buy during the 2nd quarter worth approximately $38,000. Finally, Hillsdale Investment Management Inc. grew its position in Best Buy by 65.9% during the 1st quarter. Hillsdale Investment Management Inc. now owns 730 shares of the technology retailer’s stock worth $47,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Up 0.3%

Shares of Best Buy stock opened at $94.16 on Thursday. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $96.53. The company has a 50-day moving average of $88.79 and a 200 day moving average of $78.19. The firm has a market cap of $19.75 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 2.35 and a beta of 1.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the previous year, the business earned $1.28 earnings per share. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. The ex-dividend date was Thursday, September 17th. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BBY. Wells Fargo & Company lifted their price target on Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. Wedbush reaffirmed a “buy” rating on shares of Best Buy in a research note on Monday, August 24th. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. Finally, Bank of America started coverage on shares of Best Buy in a report on Monday, August 3rd. They set an “underperform” rating and a $80.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average price target of $85.90.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by company insiders.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.