Best Buy Co., Inc. $BBY Stock Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management increased its Best Buy stake by 40.2% in the third quarter, purchasing 17,437 additional shares and bringing its holdings to 60,814 shares valued at approximately $5.4 million.
• Best Buy reported quarterly earnings of $1.47 per share and revenue of $9.78 billion, surpassing analyst estimates; institutional investors collectively own 80.96% of the company.
• Best Buy pays a quarterly dividend of $0.96, equivalent to an annualized yield of about 4.1%, while analyst sentiment remains mixed with a consensus “Hold” rating and an average price target of $85.90.

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 40.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 60,814 shares of the technology retailer's stock after purchasing an additional 17,437 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Best Buy were worth $5,366,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Clark Wealth Partners purchased a new position in Best Buy during the third quarter worth about $29,000. Ashurst Perkins Coie Trust Co increased its stake in Best Buy by 75.1% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer's stock worth $35,000 after acquiring an additional 169 shares during the last quarter. Aberdeen Wealth Management LLC purchased a new stake in shares of Best Buy in the 2nd quarter valued at about $38,000. Maseco LLP purchased a new stake in shares of Best Buy in the 1st quarter valued at about $37,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Best Buy by 2,120.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 644 shares of the technology retailer's stock valued at $49,000 after acquiring an additional 615 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Trading Up 0.3%

Shares of BBY stock opened at $94.16 on Thursday. The business has a 50-day moving average price of $88.79 and a two-hundred day moving average price of $78.19. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $96.53. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The firm has a market cap of $19.75 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 2.35 and a beta of 1.26.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion for the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.1%. Best Buy's dividend payout ratio is currently 63.89%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wedbush reissued a "buy" rating on shares of Best Buy in a report on Monday, August 24th. Telsey Advisory Group raised their target price on shares of Best Buy from $90.00 to $95.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Citigroup lifted their target price on shares of Best Buy from $79.00 to $88.00 and gave the company a "neutral" rating in a research report on Thursday, August 13th. DA Davidson raised shares of Best Buy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 24th. Finally, Piper Sandler boosted their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a "neutral" rating in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $85.90.

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.

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