MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 3,867 Shares of Best Buy Co., Inc. (NYSE:BBY)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 8.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,967 shares of the technology retailer's stock after buying an additional 3,867 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Best Buy were worth $4,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Rakuten Securities Inc. increased its position in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after acquiring an additional 311 shares during the period. Golden State Wealth Management LLC acquired a new position in Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. boosted its stake in shares of Best Buy by 186.9% during the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock worth $32,000 after acquiring an additional 243 shares in the last quarter. Ancora Advisors LLC boosted its stake in shares of Best Buy by 18,700.0% during the 4th quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new stake in Best Buy in the 4th quarter valued at approximately $34,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the purchase, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. The trade was a 3.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total transaction of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. This trade represents a 13.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

BBY has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Guggenheim reduced their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Telsey Advisory Group cut their target price on shares of Best Buy from $110.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, March 5th. UBS Group set a $105.00 price target on shares of Best Buy in a research note on Wednesday, March 5th. Finally, Bank of America dropped their price target on shares of Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has an average rating of "Hold" and an average target price of $90.72.

Best Buy Stock Performance

NYSE:BBY traded up $0.58 during mid-day trading on Thursday, reaching $70.73. 3,124,381 shares of the company's stock were exchanged, compared to its average volume of 3,363,343. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71. The firm has a market capitalization of $14.97 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. The business's fifty day simple moving average is $67.86 and its two-hundred day simple moving average is $79.94.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the firm posted $2.72 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a $0.95 dividend. The ex-dividend date was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.37%. This is an increase from Best Buy's previous quarterly dividend of $0.94. Best Buy's payout ratio is 88.99%.

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.