Best Buy Co., Inc. (NYSE:BBY) Chairman Sells $7,813,831.50 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the sale, the chairman now directly owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Stock Down 0.4 %

Shares of BBY stock traded down $0.38 on Thursday, reaching $87.35. 1,786,675 shares of the company were exchanged, compared to its average volume of 3,163,574. The company has a market cap of $18.84 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 2.87 and a beta of 1.48. The company has a 50-day moving average of $83.97 and a 200-day moving average of $78.88. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $93.72.

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, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business’s revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.11 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 20th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.30%. Best Buy’s dividend payout ratio is presently 65.85%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BBY. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research report on Thursday, May 30th. Wedbush reiterated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a report on Tuesday, May 28th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and lifted their price target for the stock from $67.00 to $100.00 in a report on Monday, June 3rd. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $106.00 in a report on Monday, June 17th. Finally, DA Davidson lifted their price target on Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.87.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently made changes to their positions in the business. Bfsg LLC acquired a new stake in shares of Best Buy in the 4th quarter worth about $25,000. Rise Advisors LLC raised its holdings in shares of Best Buy by 69.5% in 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 last quarter. Palisade Asset Management LLC acquired a new stake in shares of Best Buy in the 1st quarter worth about $27,000. Naples Money Management LLC acquired a new stake in shares of Best Buy in the 4th quarter worth about $27,000. Finally, Access Investment Management LLC acquired a new stake in shares of Best Buy in the 4th quarter worth about $27,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.