Best Buy Co., Inc. (BBY) Major Shareholder Sells $3,067,000.00 in Stock
Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 50,000 shares of the stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $61.34, for a total transaction of $3,067,000.00. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $106,271,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
Best Buy Co., Inc. (NYSE:BBY) traded up $2.30 during mid-day trading on Friday, hitting $63.79. 4,336,000 shares of the company were exchanged, compared to its average volume of 4,468,430. The stock has a market capitalization of $17,823.15, a price-to-earnings ratio of 15.17, a price-to-earnings-growth ratio of 1.27 and a beta of 1.40. Best Buy Co., Inc. has a 12-month low of $41.67 and a 12-month high of $64.12. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The company had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The firm’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 earnings per share. sell-side analysts forecast that Best Buy Co., Inc. will post 4.03 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. TrimTabs Asset Management LLC lifted its holdings in shares of Best Buy by 17.1% during the third quarter. TrimTabs Asset Management LLC now owns 6,767 shares of the technology retailer’s stock worth $385,000 after purchasing an additional 990 shares during the period. Gyroscope Capital Management Group LLC lifted its holdings in Best Buy by 4.5% in the third quarter. Gyroscope Capital Management Group LLC now owns 103,033 shares of the technology retailer’s stock valued at $5,869,000 after acquiring an additional 4,469 shares during the period. Belpointe Asset Management LLC acquired a new stake in Best Buy in the third quarter valued at $482,000. IFM Investors Pty Ltd acquired a new stake in Best Buy in the third quarter valued at $462,000. Finally, Fieldpoint Private Securities LLC acquired a new stake in Best Buy in the third quarter valued at $139,000. Institutional investors and hedge funds own 86.50% of the company’s stock.
Several research firms have commented on BBY. UBS reiterated a “buy” rating and set a $57.00 price objective (down previously from $60.00) on shares of Best Buy in a research report on Wednesday, September 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $68.00 price target on shares of Best Buy in a research note on Thursday, September 21st. Loop Capital reaffirmed a “buy” rating and issued a $72.00 price target on shares of Best Buy in a research note on Wednesday, September 20th. Telsey Advisory Group reduced their price target on shares of Best Buy from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 20th. Finally, Royal Bank Of Canada cut their price objective on shares of Best Buy from $61.00 to $57.00 and set a “sector perform” rating on the stock in a research report on Wednesday, September 20th. Four analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $58.81.
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About Best Buy
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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