Richard Schulze Sells 76,299 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 76,299 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $78.23, for a total transaction of $5,968,870.77. Following the completion of the sale, the chairman directly owned 10,854,637 shares of the company’s stock, valued at $849,158,252.51. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Best Buy Price Performance

Best Buy stock opened at $74.89 on Friday. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company’s 50 day moving average price is $65.39 and its two-hundred day moving average price is $66.56. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The stock has a market cap of $15.78 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.95 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 for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts predict that Best Buy Co., Inc. will post 6.56 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Thursday, June 18th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, June 18th. Best Buy’s dividend payout ratio is 71.11%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BBY. Shariaportfolio Inc. raised its stake in Best Buy by 27.1% in the 1st quarter. Shariaportfolio Inc. now owns 35,874 shares of the technology retailer’s stock valued at $2,303,000 after acquiring an additional 7,652 shares during the period. Parallel Advisors LLC boosted its position in Best Buy by 40.6% during the first quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer’s stock worth $255,000 after purchasing an additional 1,146 shares during the period. Cozad Asset Management Inc. increased its stake in shares of Best Buy by 4.1% in the first quarter. Cozad Asset Management Inc. now owns 23,006 shares of the technology retailer’s stock worth $1,477,000 after purchasing an additional 916 shares in the last quarter. Glenmede Trust Co. NA increased its stake in shares of Best Buy by 11.5% in the first quarter. Glenmede Trust Co. NA now owns 22,452 shares of the technology retailer’s stock worth $1,441,000 after purchasing an additional 2,314 shares in the last quarter. Finally, Royal Fund Management LLC bought a new stake in shares of Best Buy in the first quarter valued at approximately $3,162,000. Institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BBY. UBS Group reiterated a “neutral” rating and set a $86.00 target price (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Guggenheim restated a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Wedbush raised their price objective on shares of Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Finally, Evercore boosted their target price on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $79.05.

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.