Sumitomo Mitsui DS Asset Management Company Ltd Sells 8,054 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 25.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund 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 filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. AMF Tjanstepension AB bought a new position in shares of Best Buy in the first quarter worth about $8,676,000. GAMMA Investing LLC increased its position in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer's stock worth $172,000 after acquiring an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer's stock valued at $6,302,000 after purchasing an additional 7,663 shares during the period. M&G Plc acquired a new position in shares of Best Buy during the first quarter valued at about $8,608,000. Finally, Van ECK Associates Corp lifted its stake in shares of Best Buy by 21.9% in the first quarter. Van ECK Associates Corp now owns 118,431 shares of the technology retailer's stock valued at $9,715,000 after buying an additional 21,258 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Trading Up 0.7 %

BBY stock traded up $0.61 during midday trading on Tuesday, reaching $93.78. The stock had a trading volume of 2,032,673 shares, compared to its average volume of 3,024,776. The firm has a market cap of $20.23 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month 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 business has a fifty day simple moving average of $95.81 and a two-hundred day simple moving average of $86.46.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the previous year, the company earned $1.22 EPS. Best Buy's revenue was down 3.1% on a year-over-year basis. As a group, research analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared 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 was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.01%. Best Buy's dividend payout ratio (DPR) is presently 65.85%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Truist Financial upped their price target on Best Buy from $86.00 to $107.00 and gave the company a "hold" rating in a report on Friday, August 30th. UBS Group raised their target price on Best Buy from $106.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Friday, August 30th. Wells Fargo & Company raised their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. Finally, Melius Research started coverage on shares of Best Buy in a research note on Monday, September 23rd. They issued a "hold" rating and a $100.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Best Buy currently has an average rating of "Moderate Buy" and an average price target of $103.71.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 88,542 shares of the firm's stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company's stock, valued at approximately $1,200,451,777.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.59% of the stock is owned by 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.