Insider Selling: Best Buy (NYSE:BBY) Chairman Sells 5,100 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 5,100 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $78.00, for a total value of $397,800.00. Following the transaction, the chairman directly owned 10,849,537 shares of the company’s stock, valued at $846,263,886. This represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Best Buy Stock Down 3.2%

Shares of BBY stock traded down $2.42 on Wednesday, hitting $73.16. 3,873,635 shares of the stock were exchanged, compared to its average volume of 4,514,244. 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 firm has a market capitalization of $15.42 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 2.06 and a beta of 1.30. The business has a 50-day moving average of $64.99 and a 200 day moving average of $66.65. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99.

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

Best Buy Announces Dividend

The firm 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 dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 5.2%. Best Buy’s dividend payout ratio is presently 71.11%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BBY shares. Morgan Stanley increased their price objective on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Weiss Ratings raised Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Citigroup upped their price objective on Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, May 29th. The Goldman Sachs Group increased their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average target price of $79.05.

Institutional Trading of Best Buy

Several large investors have recently made changes to their positions in BBY. Vanguard Group Inc. lifted its stake in shares of Best Buy by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after acquiring an additional 552,360 shares during the last quarter. Concurrent Investment Advisors LLC raised its position in Best Buy by 100.6% in the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock valued at $4,704,000 after purchasing an additional 35,239 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new position in Best Buy in the fourth quarter valued at about $1,741,000. Waratah Capital Advisors Ltd. bought a new position in Best Buy in the third quarter valued at about $3,032,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in 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 buying an additional 67,600 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.