Mirae Asset Global Investments Co. Ltd. Increases Position in Best Buy Co., Inc. (NYSE:BBY)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 21.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 187,582 shares of the technology retailer’s stock after buying an additional 33,018 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Best Buy were worth $16,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Park Avenue Securities LLC increased its stake in shares of 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 buying an additional 103 shares during the period. Greenleaf Trust boosted its position in Best Buy by 1.2% during the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after purchasing an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC grew its stake in Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after purchasing an additional 118 shares during the last quarter. Hoxton Planning & Management LLC raised its holdings in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after purchasing an additional 124 shares in the last quarter. Finally, Yousif Capital Management LLC lifted its position in shares of Best Buy by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 29,904 shares of the technology retailer’s stock valued at $2,566,000 after buying an additional 145 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares of the company’s stock, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.59% of the stock is currently owned by insiders.

Best Buy Price Performance

NYSE:BBY opened at $86.48 on Thursday. The company has a 50 day moving average price of $86.05 and a 200-day moving average price of $90.11. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 2.16 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current 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 issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.35%. The ex-dividend date was Tuesday, December 17th. Best Buy’s payout ratio is 64.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BBY shares. Telsey Advisory Group lowered their target price on shares of Best Buy from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Tuesday, November 26th. Guggenheim dropped their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Citigroup decreased their price target on Best Buy from $109.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Barclays dropped their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Finally, UBS Group decreased their price objective on shares of Best Buy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.72.

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.