Best Buy (NYSE:BBY) Chairman Richard Schulze Sells 500,350 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 500,350 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Best Buy Stock Down 2.7%

Shares of NYSE:BBY opened at $72.93 on Wednesday. The firm’s 50 day moving average price is $62.51 and its 200 day moving average price is $66.78. The stock has a market cap of $15.37 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 2.00 and a beta of 1.30. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.54 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.3%. Best Buy’s dividend payout ratio (DPR) is 71.11%.

Key Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Daiwa Securities raised its price target on Best Buy to $77 from $68, keeping a neutral rating. The higher target suggests improved expectations for the shares and supports the recent move higher in the stock. MarketScreener
• Positive Sentiment: Best Buy’s latest earnings results were stronger than expected, with revenue and EPS beating estimates and management maintaining its fiscal 2027 outlook. That kind of execution can help support investor confidence in the stock. Yahoo Finance
• Positive Sentiment: Commentary around Best Buy’s marketplace growth, Best Buy Ads, new product launches, and an AI-laptop boost has added to optimism that the retailer can keep improving growth trends. MSN
• Neutral Sentiment: Jim Cramer highlighted Best Buy as a stock some investors may be overlooking, and other coverage noted the company’s strong year-to-date performance and attractive dividend yield. These items may help sentiment, but they are not direct catalysts. Yahoo Finance
• Negative Sentiment: Best Buy Chairman Richard M. Schulze sold 500,350 shares worth about $38.1 million, and CAO Mathew Watson also sold shares. Insider selling can sometimes weigh on investor sentiment, especially after a strong run in the stock. SEC filing
• Negative Sentiment: One market report said Best Buy stock underperformed competitors on Tuesday, which may signal that traders are rotating toward other retail names despite the company’s recent operational progress. MarketWatch

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BBY shares. Jefferies Financial Group raised their target price on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Weiss Ratings cut shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Citigroup raised their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Truist Financial raised their price objective on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.05.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP grew its position in shares of Best Buy by 40.1% during the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after acquiring an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario grew its position in shares of Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC grew its position in shares of Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after acquiring an additional 76,102 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

About Best Buy

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.