Sumitomo Mitsui Trust Group Inc. Sells 9,051 Shares of Best Buy Co., Inc. (NYSE:BBY)

Sumitomo Mitsui Trust Group Inc. lessened its position in Best Buy Co., Inc. (NYSE:BBY) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 551,846 shares of the technology retailer’s stock after selling 9,051 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Best Buy worth $47,348,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Klein Pavlis & Peasley Financial Inc. increased its position in shares of Best Buy by 48.6% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after buying an additional 8,640 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Best Buy by 10.3% in the fourth quarter. Bleakley Financial Group LLC now owns 6,649 shares of the technology retailer’s stock worth $570,000 after acquiring an additional 621 shares in the last quarter. Centennial Wealth Advisory LLC raised its position in shares of Best Buy by 10.2% during the fourth quarter. Centennial Wealth Advisory LLC now owns 4,349 shares of the technology retailer’s stock worth $373,000 after purchasing an additional 403 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Best Buy by 21.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 187,582 shares of the technology retailer’s stock valued at $16,456,000 after purchasing an additional 33,018 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of Best Buy by 17.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,946 shares of the technology retailer’s stock valued at $253,000 after purchasing an additional 435 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on BBY. Guggenheim dropped their target price on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 29th. Truist Financial cut their price objective on shares of Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. StockNews.com cut Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. DA Davidson restated a “buy” rating and issued a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Finally, UBS Group decreased their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now 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 legal filing with the SEC, which is available at this hyperlink. 0.59% of the stock is owned by company insiders.

Best Buy Trading Up 3.8 %

Best Buy stock opened at $88.07 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a 50-day simple moving average of $85.86 and a 200 day simple moving average of $90.05. The stock has a market capitalization of $18.83 billion, a P/E ratio of 15.06, a PEG ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $9.63 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. Analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.27%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

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.