Corie S. Barry Acquires 13,500 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Trading Up 1.8 %

Shares of BBY stock opened at $71.56 on Friday. The stock has a market capitalization of $15.30 billion, a P/E ratio of 12.23, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $84.40 and its 200 day moving average is $89.93. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the company posted $2.72 earnings per share. Research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 5.31%. The ex-dividend date is Tuesday, March 25th. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of recent research reports. Truist Financial reduced their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Telsey Advisory Group cut their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Evercore ISI lowered their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $93.50.

Institutional Trading of Best Buy

Several large investors have recently added to or reduced their stakes in the business. Pinnacle Financial Partners Inc purchased a new position in shares of Best Buy during the 4th quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its position in Best Buy by 48.6% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after purchasing an additional 8,640 shares in the last quarter. Alberta Investment Management Corp increased its position in Best Buy by 424.0% in the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Best Buy in the fourth quarter worth about $453,000. Finally, TCW Group Inc. lifted its position in shares of Best Buy by 26.7% during the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after buying an additional 84,505 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.