Best Buy (NYSE:BBY) Chairman Sells $15,149,094.48 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 193,896 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $78.13, for a total transaction of $15,149,094.48. Following the completion of the sale, the chairman owned 10,655,641 shares in the company, valued at $832,525,231.33. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Price Performance

Shares of NYSE BBY opened at $77.91 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average price is $67.01 and its 200 day moving average price is $66.64. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s payout ratio is currently 71.11%.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Concurrent Investment Advisors LLC increased its stake in Best Buy by 100.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after acquiring an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Best Buy in the 4th quarter worth about $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in shares of Best Buy by 42.9% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after purchasing an additional 67,600 shares in the last quarter. Trust Investment Advisors acquired a new position in shares of Best Buy in the 3rd quarter valued at about $1,939,000. Finally, Oxbow Advisors LLC purchased a new stake in shares of Best Buy during the 4th quarter worth about $6,295,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. UBS Group reissued a “neutral” rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Truist Financial upped their price objective on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research report on Friday, May 29th. Weiss Ratings raised Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Finally, DA Davidson reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research report on Monday, June 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus target price of $79.50.

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.