Sumitomo Mitsui Trust Group Inc. Raises Stake in Best Buy Co., Inc. $BBY

Sumitomo Mitsui Trust Group Inc. raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 610,568 shares of the technology retailer’s stock after purchasing an additional 34,144 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Best Buy were worth $39,198,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC grew its holdings in shares of Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after buying an additional 151 shares during the last quarter. Linden Thomas Advisory Services LLC raised its stake in Best Buy by 0.9% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after acquiring an additional 152 shares during the last quarter. Applied Finance Capital Management LLC raised its stake in Best Buy by 3.8% during the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock valued at $286,000 after acquiring an additional 157 shares during the last quarter. International Private Wealth Advisors LLC lifted its position in Best Buy by 5.2% during the 4th quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after acquiring an additional 165 shares during the period. Finally, J. Team Financial Inc. lifted its position in Best Buy by 4.2% during the 4th quarter. J. Team Financial Inc. now owns 4,251 shares of the technology retailer’s stock worth $285,000 after acquiring an additional 171 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BBY. Daiwa Securities Group boosted their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price target on Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research report on Friday, May 29th. Citigroup boosted their price objective on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research report on Thursday, May 28th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $79.50.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. This represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock worth $77,283,527 in the last three months. Insiders own 0.50% of the company’s stock.

Best Buy Stock Up 0.2%

BBY opened at $82.97 on Monday. The firm has a market cap of $17.49 billion, a P/E ratio of 15.37, a PEG ratio of 2.20 and a beta of 1.30. The business’s fifty day simple moving average is $70.16 and its 200 day simple moving average is $67.04. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is currently 71.11%.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.