Korea Investment CORP Has $13.17 Million Position in Best Buy Co., Inc. $BBY

Korea Investment CORP raised its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 46.5% in the third quarter, Holdings Channel reports. The fund owned 174,108 shares of the technology retailer’s stock after acquiring an additional 55,266 shares during the period. Korea Investment CORP’s holdings in Best Buy were worth $13,166,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its holdings in shares of Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the last quarter. Root Financial Partners LLC bought a new position in Best Buy during the 3rd quarter valued at about $32,000. CYBER HORNET ETFs LLC acquired a new position in Best Buy in the second quarter valued at about $33,000. MUFG Securities EMEA plc acquired a new position in Best Buy in the second quarter valued at about $38,000. Finally, Zions Bancorporation National Association UT grew its stake in Best Buy by 1,385.4% during the third quarter. Zions Bancorporation National Association UT now owns 609 shares of the technology retailer’s stock worth $46,000 after buying an additional 568 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of Best Buy stock opened at $63.19 on Thursday. The firm has a fifty day moving average of $66.46 and a two-hundred day moving average of $72.58. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The stock has a market capitalization of $13.21 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.60 and a beta of 1.46. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $84.99.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The business had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. During the same period last year, the company earned $2.58 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 6.1%. This is an increase from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date is Tuesday, March 24th. Best Buy’s dividend payout ratio (DPR) is 76.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Best Buy from an “overweight” rating to a “neutral” rating and cut their target price for the company from $99.00 to $76.00 in a research note on Monday, February 2nd. DA Davidson set a $78.00 price target on Best Buy in a research report on Thursday, March 5th. Morgan Stanley dropped their price target on Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Evercore reiterated a “buy” rating and issued a $75.00 price objective on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Wall Street Zen lowered Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $76.20.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.