Best Buy (NYSE:BBY) Chairman Sells 300,000 Shares of Stock

by · The Cerbat Gem

Best Buy Co., Inc. (NYSE:BBY – Get Free Report) Chairman Richard Schulze sold 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Best Buy Stock Down 1.7%

Shares of NYSE:BBY traded down $1.61 during trading on Friday, reaching $92.95. The stock had a trading volume of 5,108,147 shares, compared to its average volume of 4,269,203. The firm’s 50-day simple moving average is $86.44 and its 200 day simple moving average is $73.77. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $95.85. The company has a market capitalization of $19.49 billion, a P/E ratio of 15.47, a PEG ratio of 2.31 and a beta of 1.28.

Best Buy (NYSE:BBY – Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. Best Buy’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts expect that Best Buy Co., Inc. will post 6.82 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Thursday, September 17th. Best Buy’s dividend payout ratio is currently 63.89%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BBY shares. Telsey Advisory Group boosted their target price on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Citigroup increased their price objective on shares of Best Buy from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a research report on Monday, July 13th. Barclays upped their price target on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Jefferies Financial Group cut shares of Best Buy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $85.00 in a report on Wednesday, August 5th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $85.40.

Check Out Our Latest Research Report on Best Buy

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Sequoia Financial Advisors LLC boosted its holdings in shares of Best Buy by 18.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,049 shares of the technology retailer’s stock valued at $914,000 after acquiring an additional 1,845 shares during the last quarter. Cidel Asset Management Inc. lifted its position in Best Buy by 7.7% during the second quarter. Cidel Asset Management Inc. now owns 6,502 shares of the technology retailer’s stock valued at $493,000 after purchasing an additional 466 shares during the period. Arizona State Retirement System boosted its holdings in Best Buy by 5.3% in the second quarter. Arizona State Retirement System now owns 56,957 shares of the technology retailer’s stock valued at $4,322,000 after purchasing an additional 2,859 shares during the last quarter. Paragon Capital Management Ltd acquired a new stake in Best Buy during the 2nd quarter worth about $264,000. Finally, Empirical Finance LLC raised its stake in shares of Best Buy by 153.0% during the 2nd quarter. Empirical Finance LLC now owns 17,467 shares of the technology retailer’s stock valued at $1,325,000 after buying an additional 10,563 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

(Get Free Report)

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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