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

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

A number of other hedge funds also recently bought and sold shares of the business. Aviva PLC raised its stake in Best Buy by 2.0% during the fourth quarter. Aviva PLC now owns 187,966 shares of the technology retailer’s stock valued at $15,077,000 after purchasing an additional 3,637 shares in the last quarter. Soltis Investment Advisors LLC raised its stake in Best Buy by 14.7% during the fourth quarter. Soltis Investment Advisors LLC now owns 38,295 shares of the technology retailer’s stock valued at $3,072,000 after purchasing an additional 4,905 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Best Buy by 12.4% during the fourth quarter. Treasurer of the State of North Carolina now owns 102,200 shares of the technology retailer’s stock valued at $8,197,000 after purchasing an additional 11,312 shares in the last quarter. LGT Group Foundation raised its stake in Best Buy by 21.4% during the fourth quarter. LGT Group Foundation now owns 198,123 shares of the technology retailer’s stock valued at $15,891,000 after purchasing an additional 34,935 shares in the last quarter. Finally, Beacon Investment Advisors LLC purchased a new stake in Best Buy during the fourth quarter valued at $351,000. Hedge funds and other institutional investors own 78.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BBY shares. Citigroup cut their price objective on shares of Best Buy from $72.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday. Telsey Advisory Group cut shares of Best Buy from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $88.00 to $83.00 in a research report on Monday, February 27th. Truist Financial boosted their price objective 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. Wedbush cut their price objective on shares of Best Buy from $85.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, 58.com reiterated a “maintains” rating on shares of Best Buy in a research report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $80.00.

Best Buy Stock Down 3.4 %

Shares of Best Buy stock opened at $70.53 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41. Best Buy Co., Inc. has a 1 year low of $60.78 and a 1 year high of $93.32. The firm’s 50-day moving average is $74.11 and its two-hundred day moving average is $79.06. The stock has a market cap of $15.42 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 1.47 and a beta of 1.50.

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

Best Buy Increases Dividend

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

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $559,758.95. Following the completion of the sale, the chief financial officer now directly owns 72,243 shares of the company’s stock, valued at $5,631,341.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Best Buy news, CAO Mathew Watson sold 2,704 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,740,545.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $559,758.95. Following the sale, the chief financial officer now directly owns 72,243 shares of the company’s stock, valued at $5,631,341.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is currently owned by insiders.

Best Buy 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.