Korea Investment CORP Buys New Position in Best Buy Co., Inc. $BBY

Key Points

• Korea Investment CORP acquired 52,485 Best Buy shares during the second quarter, valued at approximately $3.98 million. Institutional investors collectively own 80.96% of the company, with BlackRock and AQR among notable holders.
• Best Buy reported quarterly EPS of $1.28, exceeding the $1.23 analyst consensus, while revenue rose 1.9% year over year to $8.94 billion. The company pays a quarterly dividend of $0.96, equivalent to a 4.4% annualized yield.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $83.10, below its reported $87.51 share price. Insiders have sold roughly $77.3 million in stock over the past 90 days.

Korea Investment CORP bought a new stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 52,485 shares of the technology retailer's stock, valued at approximately $3,983,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Best Buy in the second quarter valued at approximately $1,932,812,000. AQR Capital Management LLC increased its stake in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after buying an additional 3,496,254 shares during the period. Norges Bank acquired a new stake in Best Buy during the 4th quarter worth approximately $174,685,000. Schroder Investment Management Group lifted its holdings in Best Buy by 378.8% during the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after buying an additional 2,449,342 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Best Buy in the 2nd quarter valued at approximately $174,893,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

Shares of NYSE BBY opened at $87.51 on Tuesday. The stock's 50-day simple moving average is $82.36 and its 200-day simple moving average is $70.91. The firm has a market capitalization of $18.44 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $91.26. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the prior year, the company posted $1.15 earnings per share. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.57 EPS for the current fiscal year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.4%. The ex-dividend date was Thursday, June 18th. Best Buy's dividend payout ratio is currently 71.11%.

Analyst Ratings Changes

BBY has been the subject of several research reports. Bank of America assumed coverage on shares of Best Buy in a research note on Monday, August 3rd. They issued an "underperform" rating and a $80.00 price target for the company. Jefferies Financial Group lowered Best Buy from a "buy" rating to a "hold" rating and decreased their target price for the company from $89.00 to $85.00 in a report on Wednesday, August 5th. UBS Group reissued a "neutral" rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. DA Davidson restated a "buy" rating and set a $90.00 price target on shares of Best Buy in a report on Monday, June 22nd. Finally, Truist Financial upgraded Best Buy from a "hold" rating to a "buy" rating and upped their price target for the stock from $81.00 to $95.00 in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $83.10.

Insider Activity

In other news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the business's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company's stock, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,002,134 shares of company stock worth $77,283,527. Corporate insiders own 0.50% of the company's stock.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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