Korea Investment CORP Grows Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Korea Investment CORP grew its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 45.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 153,199 shares of the technology retailer's stock after purchasing an additional 48,090 shares during the period. Korea Investment CORP owned approximately 0.07% of Best Buy worth $13,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Rakuten Securities Inc. grew its holdings in Best Buy by 971.9% during the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock valued at $29,000 after buying an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth $32,000. LRI Investments LLC raised its position in shares of Best Buy by 632.1% in the third quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock worth $40,000 after buying an additional 335 shares in the last quarter. OFI Invest Asset Management bought a new stake in Best Buy during the fourth quarter valued at $34,000. Finally, Trust Co. of Vermont grew its position in Best Buy by 1,200.0% during the fourth quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer's stock worth $36,000 after buying an additional 384 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares of the company's stock, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now owns 378,780 shares of the company's stock, valued at $27,620,637.60. The trade was a 3.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock worth $5,767,213 in the last three months. 0.59% of the stock is owned by corporate insiders.

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Best Buy Price Performance

Shares of Best Buy stock traded up $0.75 during trading hours on Tuesday, reaching $74.36. The stock had a trading volume of 2,346,416 shares, compared to its average volume of 3,054,623. The stock's 50 day moving average is $82.14 and its 200 day moving average is $87.84. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market capitalization of $15.72 billion, a PE ratio of 12.71, a PEG ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter last year, the business posted $2.72 earnings per share. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy's payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

Several research firms have weighed in on BBY. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 5th. Truist Financial lowered their target price on shares of Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research note on Wednesday, March 5th. Loop Capital reissued a "negative" rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim lowered their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an "equal weight" rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $93.50.

Best Buy Profile

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.