Mirae Asset Global Investments Co. Ltd. Acquires 33,018 Shares of Best Buy Co., Inc. (NYSE:BBY)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 21.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 187,582 shares of the technology retailer’s stock after purchasing an additional 33,018 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.09% of Best Buy worth $16,456,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Avenue Securities LLC lifted its position in Best Buy by 1.3% during the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock valued at $855,000 after purchasing an additional 103 shares during the period. Greenleaf Trust lifted its holdings in shares of Best Buy by 1.2% during the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after buying an additional 108 shares during the period. SeaCrest Wealth Management LLC boosted its stake in shares of Best Buy by 4.6% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after buying an additional 118 shares during the last quarter. Hoxton Planning & Management LLC increased its position in Best Buy by 3.7% during the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after acquiring an additional 124 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its holdings in Best Buy by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after acquiring an additional 145 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $86.48 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $18.49 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 2.16 and a beta of 1.43. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The stock’s 50 day simple moving average is $86.05 and its two-hundred day simple moving average is $90.11.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the previous year, the company earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.35%. Best Buy’s payout ratio is currently 64.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Guggenheim reduced their price target on shares of Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. StockNews.com lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Barclays lowered their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. JPMorgan Chase & Co. upped their price target on Best Buy from $111.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, Telsey Advisory Group lowered their price objective on Best Buy from $115.00 to $110.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.72.

Insider Buying and Selling at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.59% of the company’s stock.

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.