Sumitomo Mitsui DS Asset Management Company Ltd Has $2.87 Million Position in Best Buy Co., Inc. $BBY

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Best Buy Co., Inc. by 11.2% to a total of 42,672 shares, worth approximately $2.87 million.
• Best Buy announced a quarterly dividend of $0.95 per share, which translates to an annual yield of 5.3%, alongside a high dividend payout ratio of 104.97%.
• The company's recent quarterly earnings report showed an EPS of $1.28, surpassing analysts' estimates, with revenue up 1.6% year-over-year to $9.44 billion.

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 11.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,672 shares of the technology retailer's stock after buying an additional 4,285 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Best Buy were worth $2,865,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Snowden Capital Advisors LLC boosted its holdings in Best Buy by 7.8% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,699 shares of the technology retailer's stock worth $234,000 after purchasing an additional 195 shares during the period. Tidal Investments LLC lifted its stake in Best Buy by 2.1% in the fourth quarter. Tidal Investments LLC now owns 22,673 shares of the technology retailer's stock valued at $1,945,000 after buying an additional 463 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Best Buy by 2.8% during the fourth quarter. Two Sigma Investments LP now owns 19,632 shares of the technology retailer's stock valued at $1,684,000 after purchasing an additional 532 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Best Buy during the fourth quarter valued at about $1,007,000. Finally, Vise Technologies Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at about $254,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BBY. Wall Street Zen upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Loop Capital cut their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. UBS Group cut their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Finally, Wedbush boosted their price target on shares of Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $81.50.

Best Buy Stock Up 1.7%

NYSE:BBY traded up $1.25 on Tuesday, hitting $73.58. 1,056,567 shares of the company's stock traded hands, compared to its average volume of 3,645,856. 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 $103.48. The firm has a 50-day moving average price of $71.39 and a 200-day moving average price of $69.93. The company has a market cap of $15.46 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 1.90 and a beta of 1.19.

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

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.2%. Best Buy's payout ratio is presently 104.97%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,018 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard M. Schulze sold 196,100 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 201,833 shares of company stock valued at $14,941,472. Corporate insiders own 0.59% of the company's stock.

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.