Sumitomo Mitsui DS Asset Management Company Ltd Has $2.46 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 3.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 31,401 shares of the technology retailer’s stock after purchasing an additional 1,028 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Best Buy were worth $2,458,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC boosted its stake in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 302 shares during the last quarter. Naples Money Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $27,000. Stonebridge Capital Advisors LLC boosted its stake in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock worth $29,000 after buying an additional 185 shares during the last quarter. Hartford Financial Management Inc. boosted its stake in shares of Best Buy by 56.5% in the 4th quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after buying an additional 140 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Best Buy by 72.5% in the 4th quarter. CENTRAL TRUST Co now owns 1,004 shares of the technology retailer’s stock worth $79,000 after buying an additional 422 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mathew Watson sold 2,505 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total value of $204,909.00. Following the completion of the transaction, the chief accounting officer now directly owns 25,638 shares in the company, valued at $2,097,188.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry sold 366 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $75.76, for a total transaction of $27,728.16. Following the completion of the transaction, the chief executive officer now owns 431,231 shares of the company’s stock, valued at $32,670,060.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,023 shares of company stock valued at $4,253,900. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $89.00 to $101.00 in a research note on Friday, March 22nd. Morgan Stanley boosted their target price on Best Buy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Barclays boosted their target price 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. UBS Group upped their price objective on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Telsey Advisory Group upgraded Best Buy from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.60.

Best Buy Trading Down 0.1 %

Shares of BBY stock opened at $75.05 on Wednesday. The company’s fifty day simple moving average is $77.98 and its two-hundred day simple moving average is $74.07. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.37. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $86.11. The stock has a market capitalization of $16.16 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.99 and a beta of 1.49.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.61 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $3.76 annualized dividend and a dividend yield of 5.01%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio is presently 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.