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

Mirae Asset Global Investments Co. Ltd. grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 200,960 shares of the technology retailer's stock after acquiring an additional 13,378 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Best Buy worth $14,560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. IFP Advisors Inc lifted its position in shares of Best Buy by 5.2% during the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer's stock worth $218,000 after buying an additional 125 shares during the last quarter. Mariner LLC grew its position in shares of Best Buy by 0.3% in the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after buying an additional 129 shares during the last quarter. LRI Investments LLC raised its stake in Best Buy by 36.3% during the 4th quarter. LRI Investments LLC now owns 529 shares of the technology retailer's stock worth $45,000 after acquiring an additional 141 shares in the last quarter. Independent Advisor Alliance lifted its position in Best Buy by 5.0% in the fourth quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer's stock valued at $258,000 after acquiring an additional 142 shares during the last quarter. Finally, Prosperity Consulting Group LLC boosted its stake in Best Buy by 6.4% in the fourth quarter. Prosperity Consulting Group LLC now owns 2,404 shares of the technology retailer's stock valued at $206,000 after acquiring an additional 145 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Trading Down 0.4%

Shares of BBY stock opened at $68.19 on Monday. The business's fifty day moving average price is $69.29 and its 200 day moving average price is $76.10. The firm has a market capitalization of $14.41 billion, a PE ratio of 16.67, a P/E/G ratio of 1.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS. As a group, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 dividend on an annualized basis and a yield of 5.57%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BBY shares. Truist Financial lifted their target price on Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Evercore ISI cut their price target on Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research report on Wednesday, March 5th. DA Davidson reiterated a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Barclays lowered their target price on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Friday, May 30th. Finally, Citigroup reiterated a "neutral" rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $86.11.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman now owns 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.59% of the company's stock.

Best Buy Company 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.

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