Best Buy Co., Inc. (NYSE:BBY) Position Lifted by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Best Buy Co., Inc. (NYSE:BBYGet Rating) by 37.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,425 shares of the technology retailer’s stock after acquiring an additional 23,796 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Best Buy were worth $7,946,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BBY. Concord Wealth Partners lifted its position in shares of Best Buy by 39.4% in the 1st quarter. Concord Wealth Partners now owns 389 shares of the technology retailer’s stock worth $35,000 after buying an additional 110 shares during the last quarter. Veriti Management LLC lifted its position in shares of Best Buy by 3.5% in the 1st quarter. Veriti Management LLC now owns 3,389 shares of the technology retailer’s stock worth $308,000 after buying an additional 114 shares during the last quarter. Hilltop Holdings Inc. lifted its position in shares of Best Buy by 5.1% in the 4th quarter. Hilltop Holdings Inc. now owns 2,486 shares of the technology retailer’s stock worth $252,000 after buying an additional 121 shares during the last quarter. AllSquare Wealth Management LLC lifted its position in shares of Best Buy by 26.6% in the 1st quarter. AllSquare Wealth Management LLC now owns 591 shares of the technology retailer’s stock worth $54,000 after buying an additional 124 shares during the last quarter. Finally, Community Bank & Trust Waco Texas lifted its position in shares of Best Buy by 0.7% in the 1st quarter. Community Bank & Trust Waco Texas now owns 17,720 shares of the technology retailer’s stock worth $1,611,000 after buying an additional 126 shares during the last quarter. 79.86% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on BBY. Citigroup increased their price objective on shares of Best Buy from $59.00 to $61.00 and gave the stock a “sell” rating in a report on Wednesday, August 31st. DA Davidson dropped their price objective on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, August 31st. Bank of America cut shares of Best Buy from a “buy” rating to a “neutral” rating in a report on Tuesday, June 14th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $82.00 price objective (down previously from $96.00) on shares of Best Buy in a report on Tuesday, June 7th. Finally, UBS Group dropped their price objective on shares of Best Buy from $80.00 to $76.00 and set a “neutral” rating on the stock in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $86.13.

Best Buy Stock Performance

Shares of BBY opened at $69.98 on Thursday. The firm’s 50 day moving average is $75.79 and its 200-day moving average is $82.02. The stock has a market capitalization of $15.75 billion, a P/E ratio of 9.51, a P/E/G ratio of 0.68 and a beta of 1.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.96 and a quick ratio of 0.27. Best Buy Co., Inc. has a 12-month low of $64.29 and a 12-month high of $141.97.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings data on Tuesday, August 30th. The technology retailer reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.27. The company had revenue of $10.33 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The business’s revenue was down 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.98 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.17 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Monday, September 19th. Best Buy’s payout ratio is 47.18%.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 890 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the transaction, the chief financial officer now owns 59,513 shares of the company’s stock, valued at $4,706,883.17. The disclosure for this sale can be found here. Insiders sold a total of 27,325 shares of company stock worth $1,988,933 over the last ninety days. 0.44% of the stock is currently owned by company insiders.

About Best Buy

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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Institutional Ownership by Quarter for Best Buy (NYSE:BBY)

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