Sumitomo Mitsui Trust Group Inc. Buys 6,330 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui Trust Group Inc. increased its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 1.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 558,176 shares of the technology retailer's stock after acquiring an additional 6,330 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Best Buy worth $41,087,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BBY. IFP Advisors Inc raised its stake in shares of Best Buy by 5.2% in the fourth quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock worth $218,000 after purchasing an additional 125 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Best Buy in the 4th quarter worth about $4,903,000. Smartleaf Asset Management LLC raised its position in Best Buy by 9.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,697 shares of the technology retailer's stock worth $403,000 after buying an additional 386 shares during the last quarter. SRS Capital Advisors Inc. raised its position in Best Buy by 24.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 3,563 shares of the technology retailer's stock worth $306,000 after buying an additional 703 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Best Buy by 55.4% during the 4th quarter. Jones Financial Companies Lllp now owns 16,468 shares of the technology retailer's stock valued at $1,413,000 after acquiring an additional 5,873 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the transaction, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.47% of the stock is owned by insiders.

Best Buy Stock Performance

Best Buy stock traded up $0.30 during midday trading on Thursday, hitting $71.89. The stock had a trading volume of 1,784,955 shares, compared to its average volume of 3,340,333. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a market capitalization of $15.19 billion, a PE ratio of 17.58, a P/E/G ratio of 1.89 and a beta of 1.24. The firm's fifty day moving average is $69.69 and its two-hundred day moving average is $75.89. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The firm had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The company's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 earnings per share. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.29%. Best Buy's dividend payout ratio is presently 92.91%.

Analyst Ratings Changes

Several research analysts have recently weighed in on BBY shares. Wedbush decreased their price objective on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. JPMorgan Chase & Co. cut their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. DA Davidson reissued a "buy" rating and set a $110.00 price target on shares of Best Buy in a report on Monday, April 14th. UBS Group cut their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Finally, BNP Paribas upgraded Best Buy to a "hold" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Best Buy presently has a consensus rating of "Hold" and a consensus target price of $86.11.

Best Buy Profile

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.