Best Buy Co., Inc. $BBY Position Raised by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its stake in Best Buy Co., Inc. (NYSE:BBY) by 6.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 591,561 shares of the technology retailer’s stock after buying an additional 33,385 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.28% of Best Buy worth $39,711,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. IFM Investors Pty Ltd increased its holdings in shares of Best Buy by 6.6% in the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock valued at $3,284,000 after buying an additional 3,040 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer’s stock worth $14,560,000 after purchasing an additional 13,378 shares in the last quarter. Blackhawk Capital Partners LLC. purchased a new position in Best Buy during the 1st quarter worth approximately $1,574,000. Alberta Investment Management Corp grew its position in Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock worth $2,422,000 after purchasing an additional 6,700 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC grew its holdings in shares of Best Buy by 191.9% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock valued at $789,000 after acquiring an additional 7,043 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BBY shares. Barclays restated an “equal weight” rating and set a $74.00 price target on shares of Best Buy in a report on Friday, August 29th. Wedbush increased their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, August 29th. Jefferies Financial Group raised their price target on shares of Best Buy from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. Finally, Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $81.69.

Best Buy Price Performance

BBY stock opened at $82.89 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $95.49. The stock has a 50-day moving average price of $76.11 and a two-hundred day moving average price of $71.21. The stock has a market cap of $17.42 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 2.19 and a beta of 1.23.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the previous year, the business earned $1.34 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were paid a $0.95 dividend. The ex-dividend date was Thursday, September 18th. This represents a $3.80 annualized dividend and a yield of 4.6%. Best Buy’s payout ratio is 104.97%.

Insider Activity

In other news, CAO Mathew Watson sold 2,018 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 325,836 shares of the business’s stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $82.35, for a total transaction of $26,832,594.60. Following the completion of the transaction, the chairman owned 12,161,068 shares of the company’s stock, valued at $1,001,463,949.80. The trade was a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,027,669 shares of company stock valued at $82,189,066 in the last quarter. Corporate insiders own 0.59% of the company’s stock.

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.