Insider Selling: Best Buy Co Inc (NYSE:BBY) Major Shareholder Sells $30,179,592.72 in Stock

Best Buy Co Inc (NYSE:BBY) major shareholder Richard M. Schulze sold 418,812 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $72.06, for a total transaction of $30,179,592.72. Following the completion of the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $124,843,950. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Shares of NYSE BBY opened at $74.77 on Friday. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $84.37. The business’s fifty day moving average price is $67.41. The company has a market capitalization of $19.97 billion, a P/E ratio of 14.05, a PEG ratio of 1.43 and a beta of 1.07. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter last year, the firm earned $0.82 earnings per share. Best Buy’s quarterly revenue was up .4% on a year-over-year basis. As a group, analysts anticipate that Best Buy Co Inc will post 5.74 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Wednesday, June 12th. Best Buy’s dividend payout ratio is presently 37.59%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PRW Wealth Management LLC bought a new position in Best Buy during the fourth quarter worth $33,000. Semmax Financial Advisors Inc. bought a new position in Best Buy during the fourth quarter worth $33,000. Oppenheimer Asset Management Inc. bought a new position in Best Buy during the first quarter worth $34,000. Braun Bostich & Associates Inc. bought a new position in Best Buy during the first quarter worth $40,000. Finally, Executive Wealth Management LLC bought a new position in Best Buy during the fourth quarter worth $41,000. 78.78% of the stock is owned by institutional investors and hedge funds.

BBY has been the subject of several analyst reports. Oppenheimer set a $22.00 price target on shares of Par Pacific and gave the company a “buy” rating in a research note on Monday, March 25th. Guggenheim initiated coverage on shares of Best Buy in a research note on Monday, July 8th. They set a “buy” rating and a $80.00 price target for the company. Wedbush set a $79.00 price target on shares of Aimmune Therapeutics and gave the company a “buy” rating in a research note on Friday, May 24th. Evercore ISI initiated coverage on shares of Polarityte in a research note on Wednesday, March 20th. They set an “outperform” rating and a $26.00 price target for the company. Finally, Zacks Investment Research downgraded shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Thirteen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $77.67.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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Insider Buying and Selling by Quarter for Best Buy (NYSE:BBY)

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