19,582 Best Buy Co., Inc. $BBY Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.3% in the third quarter, HoldingsChannel.com reports. The firm owned 569,822 shares of the technology retailer’s stock after selling 19,582 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Best Buy were worth $50,281,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. B.A. Schrock Wealth Management Inc. purchased a new stake in Best Buy in the 3rd quarter valued at approximately $2,064,000. Corient Private Wealth LP bought a new position in shares of Best Buy during the second quarter worth about $18,648,000. Munich Reinsurance Co Stock Corp in Munich increased its stake in shares of Best Buy by 80.0% during the second quarter. Munich Reinsurance Co Stock Corp in Munich now owns 92,464 shares of the technology retailer’s stock valued at $7,016,000 after acquiring an additional 41,092 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Best Buy during the 2nd quarter valued at $2,734,000. Finally, BlackRock Inc. purchased a new stake in Best Buy in the 2nd quarter worth about $1,932,812,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 8.0%

NYSE BBY opened at $101.42 on Thursday. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $101.49. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The business’s 50-day moving average price is $91.01 and its two-hundred day moving average price is $75.77. The firm has a market capitalization of $21.27 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 2.35 and a beta of 1.20.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same period last year, the firm posted $1.28 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, analysts expect that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BBY shares. Barclays boosted their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Wedbush reaffirmed a “buy” rating on shares of Best Buy in a report on Monday, August 24th. DA Davidson raised shares of Best Buy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 24th. UBS Group reaffirmed a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Finally, Evercore set a $100.00 price target on Best Buy in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus target price of $86.15.

Insider Transactions at Best Buy

In related news, Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This trade represents a 49.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is currently owned by insiders.

Best Buy Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.