Sumitomo Mitsui DS Asset Management Company Ltd Has $3.30 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 64.3% during the fourth quarter, HoldingsChannel reports. The firm owned 38,443 shares of the technology retailer’s stock after acquiring an additional 15,052 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Best Buy were worth $3,298,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Harbor Capital Advisors Inc. bought a new position in Best Buy in the third quarter valued at approximately $40,000. LRI Investments LLC raised its holdings in shares of Best Buy by 632.1% during the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after acquiring an additional 335 shares during the period. Trust Co. of Vermont lifted its position in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares in the last quarter. Brooklyn Investment Group acquired a new position in Best Buy in the 3rd quarter worth $44,000. Finally, Richardson Financial Services Inc. increased its holdings in Best Buy by 71.9% during the 4th quarter. Richardson Financial Services Inc. now owns 550 shares of the technology retailer’s stock worth $47,000 after purchasing an additional 230 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.3 %

BBY opened at $84.81 on Monday. The stock has a fifty day moving average of $85.86 and a 200-day moving average of $90.03. The company has a market capitalization of $18.13 billion, a P/E ratio of 14.50, a P/E/G ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same quarter last year, the firm earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend was Tuesday, December 17th. Best Buy’s payout ratio is currently 64.27%.

Insider Activity

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BBY shares. Wells Fargo & Company reduced their price objective on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 27th. UBS Group decreased their price target on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Guggenheim decreased their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Morgan Stanley cut their price target on shares of Best Buy from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Best Buy Company 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.