Korea Investment CORP Makes New Investment in Best Buy Co., Inc. $BBY

Korea Investment CORP acquired a new stake in Best Buy Co., Inc. (NYSE:BBY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 52,485 shares of the technology retailer’s stock, valued at approximately $3,983,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. EP Wealth Advisors LLC purchased a new position in shares of Best Buy during the second quarter worth about $1,746,000. Ieq Capital LLC purchased a new stake in Best Buy during the 2nd quarter valued at approximately $7,991,000. Allworth Financial LP purchased a new stake in Best Buy during the 2nd quarter valued at approximately $739,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in Best Buy during the 2nd quarter worth approximately $1,109,000. Finally, Virtus Advisers LLC acquired a new stake in Best Buy during the 2nd quarter worth approximately $415,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BBY shares. Daiwa Securities Group lifted their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Piper Sandler increased their price target on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday. UBS Group reiterated a “neutral” rating and issued a $86.00 price objective (up from $85.00) on shares of Best Buy in a research report on Friday, May 29th. Morgan Stanley boosted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Finally, Telsey Advisory Group boosted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $83.10.

Best Buy Stock Performance

Shares of BBY stock opened at $87.51 on Tuesday. The stock has a fifty day moving average price of $82.36 and a 200 day moving average price of $70.91. The stock has a market cap of $18.44 billion, a PE ratio of 16.21, a P/E/G ratio of 2.47 and a beta of 1.29. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $91.26. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the previous year, the business earned $1.15 earnings per share. Best Buy’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.57 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were given a $0.96 dividend. The ex-dividend date was Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 4.4%. Best Buy’s payout ratio is currently 71.11%.

Insider Transactions at Best Buy

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the transaction, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares in the company, valued at $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by corporate insiders.

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.