257,547 Shares of Best Buy Co., Inc. $BBY Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Best Buy Co., Inc. (NYSE:BBY) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 257,547 shares of the technology retailer’s stock, valued at approximately $22,726,000. Mirae Asset Global Investments Co. Ltd. owned 0.12% of Best Buy at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Best Buy in the second quarter worth about $1,932,812,000. Bank of New York Mellon Corp purchased a new position in shares of Best Buy during the second quarter valued at approximately $174,893,000. KBC Group NV grew its stake in shares of Best Buy by 50.5% during the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after buying an additional 531,998 shares during the last quarter. Deutsche Bank AG bought a new position in shares of Best Buy during the second quarter valued at approximately $116,003,000. Finally, Renaissance Technologies LLC grew its stake in shares of Best Buy by 113.4% during the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after buying an additional 770,339 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at approximately $10,705,341.95. This represents a 49.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The SEC filing for this sale provides additional information. Insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BBY. Citigroup raised their price target on Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Telsey Advisory Group upped their price objective on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Wall Street Zen raised Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Evercore set a $100.00 target price on Best Buy in a research note on Tuesday, October 27th. Finally, Morgan Stanley lifted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus price target of $86.15.

Best Buy Price Performance

Shares of BBY stock opened at $96.01 on Tuesday. The company has a market capitalization of $20.14 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.42 and a beta of 1.26. The company’s 50-day simple moving average is $90.57 and its two-hundred day simple moving average is $75.47. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $100.58. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. The firm had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.81 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.0%. The ex-dividend date was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.