Insider Selling: Best Buy Co., Inc. (BBY) General Counsel Sells $2,511,663.30 in Stock
Best Buy Co., Inc. (NYSE:BBY) General Counsel Keith J. Nelsen sold 44,235 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $56.78, for a total value of $2,511,663.30. Following the transaction, the general counsel now owns 107,503 shares in the company, valued at approximately $6,104,020.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Best Buy Co., Inc. (NYSE:BBY) opened at $57.00 on Monday. The firm has a market capitalization of $17,053.54, a P/E ratio of 14.18, a P/E/G ratio of 1.18 and a beta of 1.42. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Best Buy Co., Inc. has a fifty-two week low of $41.67 and a fifty-two week high of $63.32.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. analysts expect that Best Buy Co., Inc. will post 4.04 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Wednesday, December 6th. Best Buy’s dividend payout ratio is currently 34.34%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Huntington National Bank lifted its stake in Best Buy by 18.4% in the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares in the last quarter. PGGM Investments lifted its stake in Best Buy by 0.9% in the 2nd quarter. PGGM Investments now owns 175,839 shares of the technology retailer’s stock valued at $10,081,000 after buying an additional 1,609 shares in the last quarter. First Midwest Bank Trust Division lifted its stake in Best Buy by 1.0% in the 2nd quarter. First Midwest Bank Trust Division now owns 27,166 shares of the technology retailer’s stock valued at $1,557,000 after buying an additional 280 shares in the last quarter. Affinity Investment Advisors LLC purchased a new stake in Best Buy in the 2nd quarter valued at approximately $2,288,000. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in Best Buy in the 2nd quarter valued at approximately $219,000. Institutional investors and hedge funds own 86.50% of the company’s stock.
Several equities analysts have issued reports on the company. Deutsche Bank AG set a $56.00 target price on Best Buy and gave the stock a “hold” rating in a research report on Friday, November 17th. Loop Capital set a $72.00 target price on Best Buy and gave the stock a “buy” rating in a research report on Thursday, November 16th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Best Buy in a research report on Thursday, November 16th. Zacks Investment Research upgraded Best Buy from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $60.00 target price on shares of Best Buy in a research report on Monday, November 13th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $58.86.
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Best Buy Company Profile
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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