Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 574,181 shares of the technology retailer’s stock after selling 2,861 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Best Buy were worth $44,947,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BBY. Price T Rowe Associates Inc. MD lifted its holdings in shares of Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after purchasing an additional 2,409,006 shares during the period. Norges Bank purchased a new stake in shares of Best Buy in the fourth quarter valued at approximately $161,121,000. HS Management Partners LLC acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $103,854,000. Renaissance Technologies LLC boosted its stake in shares of Best Buy by 1,079.7% in the first quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after acquiring an additional 1,217,900 shares during the last quarter. Finally, Capital World Investors acquired a new stake in shares of Best Buy in the first quarter worth approximately $99,081,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Corie S. Barry sold 28,042 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $2,293,835.60. Following the completion of the transaction, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Todd G. Hartman sold 3,973 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $324,991.40. Following the completion of the transaction, the insider now directly owns 25,912 shares of the company’s stock, valued at approximately $2,119,601.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $2,293,835.60. Following the completion of the transaction, the chief executive officer now directly owns 429,159 shares of the company’s stock, valued at $35,105,206.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,023 shares of company stock valued at $4,253,900. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent research reports. Barclays boosted their price objective on Best Buy from $69.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. raised Best Buy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and upped their price target for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. The Goldman Sachs Group upped their price target on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Truist Financial upped their price target on Best Buy from $68.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $84.60.

Best Buy Price Performance

Shares of NYSE BBY opened at $76.15 on Friday. Best Buy Co., Inc. has a 1-year low of $62.30 and a 1-year high of $86.11. The company has a market cap of $16.40 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.99 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. The stock’s 50-day moving average is $77.96 and its two-hundred day moving average is $73.89.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the prior year, the business posted $2.61 EPS. The business’s revenue for the quarter was down .6% on a year-over-year basis. Analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 21st were given a $0.94 dividend. The ex-dividend date was Wednesday, March 20th. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.94%. Best Buy’s dividend payout ratio is 66.08%.

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.