Korea Investment CORP Has $13.14 Million Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Korea Investment CORP raised its holdings in Best Buy Co., Inc. (NYSE:BBY) by 45.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 153,199 shares of the technology retailer’s stock after buying an additional 48,090 shares during the quarter. Korea Investment CORP owned 0.07% of Best Buy worth $13,144,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in Best Buy during the fourth quarter worth $514,483,000. Nordea Investment Management AB raised its holdings in shares of Best Buy by 563.8% during the fourth quarter. Nordea Investment Management AB now owns 592,460 shares of the technology retailer’s stock valued at $50,643,000 after purchasing an additional 503,204 shares during the period. National Bank of Canada FI boosted its position in shares of Best Buy by 817.4% during the 3rd quarter. National Bank of Canada FI now owns 537,886 shares of the technology retailer’s stock worth $55,564,000 after purchasing an additional 479,256 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after buying an additional 459,353 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after buying an additional 395,415 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on BBY shares. Telsey Advisory Group cut their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, March 5th. Citigroup reduced their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Truist Financial dropped their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $93.50.

Best Buy Stock Down 3.5 %

BBY opened at $72.28 on Monday. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The company’s 50-day moving average price is $82.51 and its two-hundred day moving average price is $88.18. The stock has a market cap of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the business earned $2.72 earnings per share. As a group, equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a boost from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date is Tuesday, March 25th. Best Buy’s payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares in the company, valued at approximately $4,144,515.20. This represents a 47.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the transaction, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock valued at $5,767,213 over the last three months. 0.59% of the stock is currently owned by insiders.

Best Buy 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.