Korea Investment CORP Trims Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Korea Investment CORP has reduced its holdings in Best Buy Co., Inc. by 55.7%, owning 67,913 shares valued at approximately $4.99 million after selling 85,286 shares in the first quarter.
• Insider trading activity revealed that Chairman Richard M. Schulze sold 729,201 shares for about $53.2 million, resulting in a 78.81% decrease in his ownership.
• Best Buy recently declared a quarterly dividend of $0.95 per share, with an annualized payout yielding 5%, as the company maintains a dividend payout ratio of 92.91%.

Korea Investment CORP lessened its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 55.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,913 shares of the technology retailer's stock after selling 85,286 shares during the period. Korea Investment CORP's holdings in Best Buy were worth $4,999,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in BBY. Pacer Advisors Inc. grew its position in Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock valued at $75,353,000 after buying an additional 998,021 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Best Buy by 31.3% in the 4th quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after acquiring an additional 701,287 shares during the period. Nuveen LLC purchased a new stake in shares of Best Buy in the first quarter valued at about $39,579,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Best Buy by 6.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after acquiring an additional 408,605 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Best Buy during the fourth quarter worth about $29,090,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Price Performance

BBY stock traded down $0.57 on Tuesday, reaching $73.75. The company had a trading volume of 4,829,979 shares, compared to its average volume of 3,626,647. The company's fifty day moving average is $69.36 and its 200 day moving average is $71.62. The company has a market cap of $15.59 billion, a P/E ratio of 18.03, a PEG ratio of 1.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. 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 released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%.The company had revenue of $8.77 billion during the quarter, compared to analysts' expectations of $8.77 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The business's revenue for the quarter was down .9% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Wednesday, June 18th. Best Buy's dividend payout ratio is 92.91%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Loop Capital reduced their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Guggenheim reissued a "buy" rating and set a $90.00 target price on shares of Best Buy in a research note on Tuesday, June 10th. Barclays decreased their price target on Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. Wedbush cut their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, BNP Paribas raised Best Buy to a "hold" rating in a report on Friday, May 30th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $84.50.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is owned by corporate insiders.

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.