Richard Schulze Sells 224,705 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 224,705 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the sale, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Best Buy Stock Up 1.3%

BBY stock traded up $1.02 during trading on Friday, reaching $77.91. 3,805,606 shares of the stock were exchanged, compared to its average volume of 4,509,497. The firm’s 50 day moving average is $66.72 and its 200 day moving average is $66.61. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a market cap of $16.42 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. The ex-dividend date is Thursday, June 18th. This represents a $3.84 annualized dividend and a yield of 4.9%. Best Buy’s dividend payout ratio is 71.11%.

Wall Street Analyst Weigh In

BBY has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Guggenheim reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 29th. Citigroup upped their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. Finally, Piper Sandler restated a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.50.

Institutional Investors Weigh In On Best Buy

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its position in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares during the last quarter. Norges Bank bought a new position in shares of Best Buy during the 4th quarter worth $174,685,000. Schroder Investment Management Group increased its holdings in Best Buy by 378.8% in the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after acquiring an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC raised its stake in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after acquiring an additional 1,030,544 shares during the period. Finally, KBC Group NV raised its stake in Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock valued at $70,464,000 after acquiring an additional 785,294 shares during the period. Institutional investors own 80.96% of the company’s stock.

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.