Korea Investment CORP Acquires 55,266 Shares of Best Buy Co., Inc. $BBY

Korea Investment CORP raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 46.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 174,108 shares of the technology retailer’s stock after buying an additional 55,266 shares during the quarter. Korea Investment CORP owned about 0.08% of Best Buy worth $13,166,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its position in Best Buy by 69.3% during the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the period. Root Financial Partners LLC acquired a new position in Best Buy during the 3rd quarter valued at $32,000. CYBER HORNET ETFs LLC bought a new stake in Best Buy in the 2nd quarter valued at $33,000. MUFG Securities EMEA plc bought a new stake in Best Buy in the 2nd quarter valued at $38,000. Finally, Zions Bancorporation National Association UT grew its position in Best Buy by 1,385.4% in the 3rd quarter. Zions Bancorporation National Association UT now owns 609 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 568 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

NYSE:BBY opened at $63.19 on Thursday. 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 company has a 50-day moving average of $66.46 and a 200-day moving average of $72.58. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $84.99. The company 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 (NYSE:BBY) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. The business had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts anticipate 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 14th. Stockholders of record on Tuesday, March 24th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Tuesday, March 24th. This is a boost from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is currently 76.19%.

Analyst Ratings Changes

A number of brokerages have recently commented on BBY. Loop Capital upped their price objective on shares of Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. DA Davidson set a $78.00 target price on Best Buy in a research report on Thursday, March 5th. Guggenheim restated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research note on Wednesday, March 4th. Citigroup upped their price target on Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Wednesday, March 4th. Finally, Truist Financial reduced their price objective on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a research report on Tuesday, March 3rd. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $76.20.

Best Buy Company 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.