Sumitomo Mitsui DS Asset Management Company Ltd Has $3.30 Million Position in Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 64.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,443 shares of the technology retailer's stock after acquiring an additional 15,052 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Best Buy were worth $3,298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BBY. Trust Co. of Vermont lifted its position in shares of Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after purchasing an additional 384 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Best Buy in the third quarter worth about $40,000. LRI Investments LLC lifted its stake in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after acquiring an additional 335 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Best Buy in the 3rd quarter valued at approximately $44,000. Finally, Richardson Financial Services Inc. raised its position in shares of Best Buy by 71.9% in the 4th quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer's stock valued at $47,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Price Performance

Shares of BBY stock traded up $2.45 during mid-day trading on Thursday, hitting $89.24. 1,699,720 shares of the stock traded hands, compared to its average volume of 2,384,921. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market cap of $19.08 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. The company's 50-day simple moving average is $85.71 and its 200-day simple moving average is $90.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion for the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy's revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.29 earnings per share. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were given a $0.94 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.21%. Best Buy's dividend payout ratio (DPR) is 64.27%.

Wall Street Analyst Weigh In

BBY has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a report on Wednesday, November 27th. Truist Financial cut their target price on shares of Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research note on Wednesday, November 27th. UBS Group cut their price objective on Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley decreased their target price on Best Buy from $105.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 21st. Finally, Citigroup dropped their price target on Best Buy from $109.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Best Buy has a consensus rating of "Moderate Buy" and a consensus price target of $101.72.

Insiders Place Their Bets

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares of the company's stock, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.59% of the stock is currently owned by company insiders.

Best Buy Company 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.