Sumitomo Mitsui Trust Group Inc. Buys 13,798 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 560,897 shares of the technology retailer's stock after purchasing an additional 13,798 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Best Buy worth $57,941,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Bleakley Financial Group LLC lifted its holdings 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 during the period. State Board of Administration of Florida Retirement System boosted its position in 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 worth $20,651,000 after purchasing an additional 27,936 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Best Buy by 9.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 372,405 shares of the technology retailer's stock valued at $30,535,000 after purchasing an additional 32,546 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of Best Buy during the 1st quarter valued at about $309,000. Finally, Kingsview Wealth Management LLC bought a new position in shares of Best Buy in the 1st quarter worth approximately $695,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of BBY stock traded up $1.08 on Friday, reaching $92.66. The company's stock had a trading volume of 3,741,374 shares, compared to its average volume of 2,988,747. The company has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.95, a price-to-earnings-growth ratio of 2.37 and a beta of 1.47. The stock's fifty day simple moving average is $95.81 and its 200-day simple moving average is $88.00. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 1 year low of $62.92 and a 1 year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business's revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.06%. Best Buy's dividend payout ratio (DPR) is 64.83%.

Analyst Ratings Changes

Several research firms have weighed in on BBY. Bank of America increased their price target on shares of Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. Piper Sandler reiterated an "overweight" rating and set a $114.00 target price (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Loop Capital boosted their price target on Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 30th. Wells Fargo & Company raised their price objective on Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Best Buy from $101.00 to $111.00 and gave the company an "overweight" rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $103.35.

About Best Buy

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.