Insider Selling: Best Buy Co., Inc. (BBY) CEO Sells $882,861.28 in Stock
Best Buy Co., Inc. (NYSE:BBY) CEO Hubert Joly sold 14,734 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $882,861.28. Following the sale, the chief executive officer now owns 540,694 shares of the company’s stock, valued at $32,398,384.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Shares of Best Buy Co., Inc. (NYSE BBY) opened at 61.87 on Friday. The company has a market cap of $18.87 billion, a PE ratio of 16.65 and a beta of 1.45. Best Buy Co., Inc. has a 12-month low of $36.51 and a 12-month high of $63.32. The stock’s 50 day moving average price is $58.19 and its 200-day moving average price is $52.51.
Best Buy Co. (NYSE:BBY) last released its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.40 by $0.20. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. During the same period last year, the firm earned $0.44 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy Co., Inc. will post $3.90 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in BBY. Macquarie Group Ltd. raised its position in Best Buy Co. by 106.7% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the technology retailer’s stock valued at $793,000 after buying an additional 9,600 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Best Buy Co. by 60.1% in the first quarter. Nisa Investment Advisors LLC now owns 105,454 shares of the technology retailer’s stock valued at $5,183,000 after buying an additional 39,569 shares in the last quarter. Dalton Greiner Hartman Maher & Co. raised its position in Best Buy Co. by 4.3% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 6,078 shares of the technology retailer’s stock valued at $299,000 after buying an additional 248 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in Best Buy Co. by 20.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 27,343 shares of the technology retailer’s stock valued at $1,344,000 after buying an additional 4,558 shares in the last quarter. Finally, Nationwide Fund Advisors raised its position in Best Buy Co. by 51.2% in the first quarter. Nationwide Fund Advisors now owns 396,960 shares of the technology retailer’s stock valued at $19,511,000 after buying an additional 134,488 shares in the last quarter. 92.46% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on BBY. BidaskClub upgraded Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Piper Jaffray Companies restated a “buy” rating and set a $70.00 target price on shares of Best Buy Co. in a research note on Wednesday. ValuEngine downgraded Best Buy Co. from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Telsey Advisory Group raised their target price on Best Buy Co. from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Finally, Jefferies Group LLC restated a “hold” rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Wednesday, August 9th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Best Buy Co. presently has an average rating of “Buy” and an average price target of $57.42.
About Best Buy Co.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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