Best Buy Co., Inc. $BBY Stake Raised by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Best Buy by 9.9%, acquiring an additional 19,949 shares, bringing its total ownership to approximately 0.10% valued at $14.83 million.
• Best Buy reported a better-than-expected earnings per share of $1.28, surpassing analysts' estimates of $1.22, with quarterly revenue reaching $9.44 billion.
• The company also declared a quarterly dividend of $0.95, representing a 4.9% dividend yield, while its payout ratio currently stands at 104.97%.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 220,909 shares of the technology retailer's stock after acquiring an additional 19,949 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Best Buy worth $14,830,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IFM Investors Pty Ltd raised its position in Best Buy by 6.6% in the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer's stock worth $3,284,000 after acquiring an additional 3,040 shares in the last quarter. GAMMA Investing LLC raised its position in Best Buy by 5,519.3% in the first quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer's stock worth $12,744,000 after acquiring an additional 170,050 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in Best Buy during the 1st quarter worth about $1,574,000. Alberta Investment Management Corp raised its holdings in Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares during the period. Finally, Focus Partners Advisor Solutions LLC raised its holdings in Best Buy by 191.9% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer's stock worth $789,000 after buying an additional 7,043 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 196,100 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mathew Watson sold 3,715 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the transaction, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. This represents a 14.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock worth $14,941,472 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays restated an "equal weight" rating and set a $74.00 price objective on shares of Best Buy in a report on Friday, August 29th. Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, August 29th. Telsey Advisory Group restated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Truist Financial boosted their price objective on Best Buy from $69.00 to $72.00 and gave the stock a "hold" rating in a report on Friday, August 29th. Finally, Guggenheim restated a "buy" rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $81.50.

Best Buy Price Performance

Shares of BBY opened at $76.91 on Friday. The company has a market capitalization of $16.16 billion, a price-to-earnings ratio of 21.25, a P/E/G ratio of 2.02 and a beta of 1.23. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $101.04. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The business's 50-day moving average is $72.81 and its 200-day moving average is $70.08.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Thursday, September 18th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. Best Buy's payout ratio is presently 104.97%.

About Best Buy

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.

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