Best Buy Co., Inc. (BBY) Major Shareholder Sells $3,067,000.00 in Stock
Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $61.34, for a total transaction of $3,067,000.00. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at approximately $106,271,550. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of Best Buy Co., Inc. (NYSE BBY) opened at $63.79 on Monday. Best Buy Co., Inc. has a 12-month low of $41.67 and a 12-month high of $64.12. The company has a market cap of $18,650.00, a price-to-earnings ratio of 15.87, a P/E/G ratio of 1.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.78. The company had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. Best Buy’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. equities analysts forecast that Best Buy Co., Inc. will post 4.01 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 dividend on an annualized basis and a yield of 2.13%. Best Buy’s payout ratio is currently 34.43%.
BBY has been the subject of several analyst reports. Loop Capital reiterated a “buy” rating and set a $72.00 price target on shares of Best Buy in a report on Wednesday, August 16th. Jefferies Group reiterated a “hold” rating and set a $60.00 price target on shares of Best Buy in a report on Tuesday, August 22nd. Piper Jaffray Companies reiterated a “buy” rating and set a $70.00 price target on shares of Best Buy in a report on Wednesday, August 23rd. BidaskClub upgraded shares of Best Buy from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Finally, Barclays restated a “buy” rating and issued a $65.00 target price on shares of Best Buy in a report on Monday, August 28th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Best Buy presently has an average rating of “Hold” and an average price target of $58.81.
Institutional investors have recently made changes to their positions in the business. FNY Managed Accounts LLC raised its position in Best Buy by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares during the last quarter. Fieldpoint Private Securities LLC purchased a new position in Best Buy during the 3rd quarter worth $139,000. Northwestern Mutual Wealth Management Co. raised its position in Best Buy by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after buying an additional 163 shares during the last quarter. Smithfield Trust Co. purchased a new position in Best Buy during the 3rd quarter worth $178,000. Finally, Keybank National Association OH purchased a new position in Best Buy during the 2nd quarter worth $200,000. Institutional investors own 86.50% of the company’s stock.
About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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