Matthew M. Bilunas Sells 51,000 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew M. Bilunas sold 51,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Best Buy Stock Up 0.1 %

Shares of BBY stock opened at $74.89 on Friday. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock has a market cap of $15.83 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 2.10 and a beta of 1.43. The firm’s 50-day moving average is $82.70 and its 200-day moving average is $88.48.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the prior year, the business earned $2.72 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.07%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Best Buy by 144.0% in the 4th quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer’s stock valued at $488,000 after buying an additional 3,354 shares during the period. DSG Capital Advisors LLC bought a new position in Best Buy in the fourth quarter valued at approximately $2,777,000. Wealth Enhancement Advisory Services LLC lifted its stake in Best Buy by 49.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 172,806 shares of the technology retailer’s stock worth $14,827,000 after purchasing an additional 57,520 shares during the last quarter. Siemens Fonds Invest GmbH boosted its holdings in shares of Best Buy by 254.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock valued at $1,317,000 after purchasing an additional 11,024 shares in the last quarter. Finally, GHE LLC boosted its holdings in shares of Best Buy by 4.3% in the 4th quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after purchasing an additional 788 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BBY. Citigroup lowered their price objective on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price target on Best Buy in a research note on Wednesday, March 5th. Piper Sandler reduced their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Evercore ISI decreased their price objective on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Finally, Jefferies Financial Group cut their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $93.50.

About Best Buy

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.