Best Buy Co., Inc. (NYSE:BBY) Chairman Sells $53,195,212.95 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 729,201 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman now directly owns 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Best Buy Stock Performance

BBY opened at $69.57 on Friday. The firm has a market cap of $14.70 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 2.10 and a beta of 1.25. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The business’s fifty day moving average is $67.81 and its 200-day moving average is $77.67.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. Best Buy’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. Sell-side analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is currently 92.91%.

Institutional Trading of Best Buy

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock worth $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer’s stock worth $512,986,000 after buying an additional 408,605 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Best Buy during the 4th quarter worth $514,483,000. Geode Capital Management LLC lifted its position in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock worth $436,210,000 after buying an additional 239,840 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Best Buy by 6.4% during the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer’s stock worth $289,051,000 after buying an additional 234,669 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. DA Davidson reissued a “buy” rating and set a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Wedbush decreased their target price on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 30th. BNP Paribas raised Best Buy to a “hold” rating in a report on Friday, May 30th. Morgan Stanley decreased their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $90.00 target price on shares of Best Buy in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $86.11.

Best Buy Company 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.