Best Buy (NYSE:BBY) CFO Matthew Bilunas Sells 11,356 Shares

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew Bilunas sold 11,356 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. The trade was a 12.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Best Buy Stock Down 3.6%

Best Buy stock opened at $61.72 on Wednesday. The company has a market capitalization of $12.91 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $84.99. The firm has a 50 day moving average price of $65.31 and a 200 day moving average price of $71.83.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same period in the prior year, the firm earned $2.58 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is currently 75.40%.

Analyst Ratings Changes

BBY has been the subject of several research reports. Truist Financial dropped their target price 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. Loop Capital increased their price target on shares of Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Jefferies Financial Group lowered their price objective on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, February 9th. Wedbush cut their target price on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 24th. Finally, Morgan Stanley reduced their target price on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $76.20.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Best Buy by 2.4% during the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock worth $1,810,904,000 after purchasing an additional 552,360 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Best Buy by 46.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 142,288 shares of the technology retailer’s stock valued at $10,760,000 after purchasing an additional 44,989 shares during the last quarter. CWM LLC boosted its position in shares of Best Buy by 272.6% in the 3rd quarter. CWM LLC now owns 183,842 shares of the technology retailer’s stock valued at $13,902,000 after purchasing an additional 134,508 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Best Buy by 2.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,754,844 shares of the technology retailer’s stock valued at $132,701,000 after purchasing an additional 39,026 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Best Buy by 155.9% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 157,400 shares of the technology retailer’s stock worth $11,903,000 after buying an additional 95,900 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.