Sumitomo Mitsui Trust Group Inc. Sells 19,582 Shares of Best Buy Co., Inc. $BBY

Key Points

• Sumitomo Mitsui Trust Group cut its Best Buy stake by 3.3%, selling 19,582 shares in the third quarter. It retained 569,822 shares, valued at about $50.3 million.
• Analysts’ consensus rating is Hold, with an average price target of $86.15. Recommendations span one Strong Buy, six Buys, 12 Holds, and two Sells.
• Best Buy reported quarterly EPS of $1.47, beating the $1.39 consensus, while revenue rose 3.6% year over year to $9.78 billion. The company also pays an annualized dividend of $3.84 per share, a 3.8% yield.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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. owned 0.27% of Best Buy worth $50,281,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Best Buy in the third quarter valued at about $22,726,000. Profund Advisors LLC purchased a new stake in Best Buy during the 3rd quarter worth $224,000. Vise Technologies Inc. acquired a new position in Best Buy in the 3rd quarter worth $1,850,000. Unison Advisors LLC lifted its position in shares of Best Buy by 1.1% during the third quarter. Unison Advisors LLC now owns 31,669 shares of the technology retailer's stock worth $2,825,000 after purchasing an additional 357 shares during the last quarter. Finally, MGO One Seven LLC boosted its holdings in shares of Best Buy by 23.9% in the 3rd quarter. MGO One Seven LLC now owns 5,362 shares of the technology retailer's stock valued at $473,000 after buying an additional 1,034 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on BBY shares. Wall Street Zen raised Best Buy from a "hold" rating to a "buy" rating in a report on Sunday, October 11th. UBS Group reiterated a "neutral" rating and issued a $90.00 target price (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Piper Sandler raised their price target on shares of Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a report on Thursday, August 20th. Barclays lifted their target price on Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. Finally, Wells Fargo & Company increased their target price on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of "Hold" and an average price target of $86.15.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the company's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their position. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by corporate insiders.

Best Buy Stock Performance

NYSE:BBY opened at $101.42 on Thursday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $101.49. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. The company has a 50 day simple moving average of $91.01 and a two-hundred day simple moving average of $75.77. The company has a market capitalization of $21.27 billion, a PE ratio of 16.87, a P/E/G ratio of 2.35 and a beta of 1.20.

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

Best Buy Announces Dividend

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

About Best Buy

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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