Richard M. Schulze Sells 600,000 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 600,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the completion of the sale, the chairman now directly owns 14,002,853 shares of the company’s stock, valued at approximately $1,236,311,891.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Trading Up 0.4 %

Shares of Best Buy stock traded up $0.36 on Monday, hitting $88.96. The stock had a trading volume of 3,755,430 shares, compared to its average volume of 3,181,492. The stock has a 50 day moving average of $83.10 and a 200 day moving average of $78.63. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $93.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The firm has a market capitalization of $19.19 billion, a P/E ratio of 15.28, a PEG ratio of 2.86 and a beta of 1.48.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 30th. The technology retailer reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.96 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The firm’s revenue was down 6.5% compared to the same quarter last year. Sell-side analysts expect that Best Buy Co., Inc. will post 6.11 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 20th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, June 20th. Best Buy’s payout ratio is 65.85%.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bfsg LLC bought a new position in shares of Best Buy in the 4th quarter worth $25,000. Rise Advisors LLC grew its stake in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares during the period. Palisade Asset Management LLC purchased a new position in Best Buy during the 1st quarter valued at about $27,000. Naples Money Management LLC purchased a new position in shares of Best Buy during the 4th quarter valued at $27,000. Finally, Access Investment Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth $27,000. 80.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BBY. Jefferies Financial Group reduced their target price on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Loop Capital boosted their price target on Best Buy from $93.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 7th. UBS Group raised Best Buy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $106.00 in a research note on Monday, June 17th. Truist Financial reaffirmed a “hold” rating and issued a $86.00 price target on shares of Best Buy in a research note on Monday, July 1st. Finally, Evercore ISI boosted their target price on Best Buy from $80.00 to $90.00 and gave the stock an “in-line” rating in a research note on Friday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.