Insider Selling: Best Buy Co., Inc. (NYSE:BBY) Chairman Sells $7,813,831.50 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 88,542 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares of the company’s stock, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Best Buy Stock Performance

Shares of NYSE:BBY opened at $87.35 on Friday. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $93.72. The stock has a market capitalization of $18.84 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 2.82 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The company’s 50 day simple moving average is $84.52 and its 200 day simple moving average is $79.05.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.96 billion. During the same quarter last year, the business posted $1.15 EPS. The company’s revenue was down 6.5% compared to the same quarter last year. As a group, research analysts predict that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.30%. The ex-dividend date was Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BBY shares. Truist Financial restated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research report on Monday, July 1st. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and boosted their price target for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Jefferies Financial Group dropped their target price on Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $106.00 in a research note on Monday, June 17th. Finally, DA Davidson boosted their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.87.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently made changes to their positions in BBY. Bfsg LLC bought a new position in Best Buy in the 4th quarter valued at approximately $25,000. Rise Advisors LLC lifted its stake in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the last quarter. Naples Money Management LLC acquired a new stake in shares of Best Buy during the 4th quarter valued at $27,000. Access Investment Management LLC bought a new stake in Best Buy during the 4th quarter worth $27,000. Finally, Palisade Asset Management LLC acquired a new position in Best Buy in the 1st quarter worth about $27,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

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.