Sumitomo Mitsui Trust Group Inc. Sells 9,051 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 551,846 shares of the technology retailer's stock after selling 9,051 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Best Buy worth $47,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Best Buy Stock Performance

Shares of NYSE:BBY traded up $1.99 during trading on Friday, hitting $91.16. 2,721,195 shares of the stock were exchanged, compared to its average volume of 2,396,130. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 2.01 and a beta of 1.43. The company's fifty day simple moving average is $85.70 and its 200-day simple moving average is $90.03. 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 announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy's quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy's dividend payout ratio is 64.27%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent analyst reports. Telsey Advisory Group cut their price objective on Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 26th. JPMorgan Chase & Co. raised their price objective on Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. 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. Barclays cut their price objective on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 9th. Finally, Loop Capital reaffirmed a "buy" rating and issued a $100.00 price target on shares of Best Buy in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Best Buy presently has an average rating of "Moderate Buy" and a consensus target price of $101.72.

Insider Activity at Best Buy

In other Best Buy 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 value of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company's stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.59% of the stock is owned by insiders.

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.