Insider Selling: Best Buy (NYSE:BBY) Chairman Sells 76,299 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 76,299 shares of the stock in a transaction that occurred on 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 transaction, the chairman owned 10,854,637 shares in the company, valued at approximately $849,158,252.51. The trade was a 0.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Price Performance

NYSE:BBY traded down $2.42 during trading hours on Wednesday, reaching $73.16. 3,873,635 shares of the company were exchanged, compared to its average volume of 4,514,244. The company has a market capitalization of $15.42 billion, a P/E ratio of 13.55, a P/E/G ratio of 2.06 and a beta of 1.30. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $84.99. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The business has a 50 day moving average of $64.99 and a 200 day moving average of $66.65.

Best Buy (NYSE:BBY) last issued its quarterly 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. The business 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 firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is 71.11%.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently made changes to their positions in the stock. Huntington National Bank grew its position in Best Buy by 12.0% during the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after acquiring an additional 139 shares during the last quarter. Krane Funds Advisors LLC boosted its stake in shares of Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its stake in shares of Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock valued at $1,114,000 after purchasing an additional 152 shares in the last quarter. Applied Finance Capital Management LLC boosted its position in Best Buy by 3.8% during the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after buying an additional 157 shares during the period. Finally, International Private Wealth Advisors LLC boosted its position in Best Buy by 5.2% during the 4th quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after buying an additional 165 shares during the period. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BBY. Guggenheim reiterated a “buy” rating and set a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. Morgan Stanley increased their price target on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Daiwa Securities Group raised their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group raised their target price on Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, May 28th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.