Best Buy (NYSE:BBY) Chairman Sells $17,549,460.50 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 224,705 shares of Best Buy stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Stock Performance

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

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Best Buy’s payout ratio is presently 71.11%.

Institutional Trading of Best Buy

A number of institutional investors have recently bought and sold shares of the business. Torren Management LLC acquired a new stake in shares of Best Buy during the 4th quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in Best Buy during the fourth quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new position in Best Buy in the third quarter valued at approximately $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. 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. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Monday, June 22nd. BNP Paribas Exane increased their target price on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, KeyCorp restated a “sector weight” rating on shares of Best Buy in a research note on Monday, June 22nd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus price target 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.