Mirae Asset Global Investments Co. Ltd. Boosts Holdings in Best Buy Co., Inc. (NYSE:BBY)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy Co., Inc. (NYSE:BBY – Get Rating) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 100,725 shares of the technology retailer’s stock after purchasing an additional 6,956 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Best Buy were worth $8,079,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth about $26,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in shares of Best Buy in the 4th quarter worth about $30,000. Exos TFP Holdings LLC purchased a new stake in shares of Best Buy in the 3rd quarter worth about $29,000. Hanson & Doremus Investment Management purchased a new position in Best Buy during the 4th quarter valued at about $37,000. Finally, McElhenny Sheffield Capital Management LLC purchased a new position in Best Buy during the 4th quarter valued at about $49,000. 78.48% of the stock is owned by hedge funds and other institutional investors.

Best Buy Stock Performance

Shares of BBY stock opened at $70.53 on Monday. The company has a 50 day moving average price of $74.11 and a 200-day moving average price of $79.06. Best Buy Co., Inc. has a 52 week low of $60.78 and a 52 week high of $93.32. The firm has a market capitalization of $15.42 billion, a PE ratio of 11.21, a P/E/G ratio of 1.47 and a beta of 1.50. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42.

Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The firm had revenue of $14.74 billion during the quarter, compared to analyst estimates of $14.80 billion. During the same period in the previous year, the business posted $2.73 earnings per share. The business’s revenue for the quarter was down 10.0% on a year-over-year basis. As a group, equities research analysts expect that Best Buy Co., Inc. will post 6.19 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 13th. Investors of record on Thursday, March 23rd were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 5.22%. This is a positive change from Best Buy’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Wednesday, March 22nd. Best Buy’s payout ratio is 58.51%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 2,704 shares of the business’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $210,776.80. Following the completion of the sale, the chief accounting officer now directly owns 22,329 shares in the company, valued at $1,740,545.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Best Buy news, EVP Damien Harmon sold 5,915 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $461,074.25. Following the transaction, the executive vice president now owns 46,809 shares of the company’s stock, valued at $3,648,761.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 2,704 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $210,776.80. Following the transaction, the chief accounting officer now directly owns 22,329 shares in the company, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,774 shares of company stock worth $4,477,413. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent research reports. Barclays lowered their price target on shares of Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. Truist Financial lifted their price target on shares of Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, March 3rd. DA Davidson lowered their price target on shares of Best Buy from $99.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. Telsey Advisory Group cut shares of Best Buy from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $88.00 to $83.00 in a research report on Monday, February 27th. Finally, UBS Group lifted their price target on shares of Best Buy from $80.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, February 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $80.00.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.