Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze Sells 729,201 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman now directly owns 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Best Buy Stock Performance

NYSE:BBY opened at $72.63 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The stock has a 50-day moving average price of $67.31 and a 200 day moving average price of $77.95. The stock has a market capitalization of $15.37 billion, a P/E ratio of 12.42, a P/E/G ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $8.77 billion during the quarter, compared to analysts’ expectations of $8.77 billion. During the same quarter last year, the business posted $1.20 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. Equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.23%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s dividend payout ratio is currently 92.91%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BBY shares. JPMorgan Chase & Co. lowered their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Piper Sandler lowered their target price on Best Buy from $92.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. UBS Group lowered their target price on Best Buy from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, May 30th. Wedbush lowered their target price on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 30th. Finally, Morgan Stanley lowered their target price on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $86.11.

Hedge Funds Weigh In On Best Buy

Institutional investors have recently added to or reduced their stakes in the company. Stevens Capital Management LP grew its holdings in Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. grew its holdings in Best Buy by 20.5% during the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. grew its holdings in Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc purchased a new position in Best Buy during the 4th quarter valued at approximately $3,293,000. Finally, APG Asset Management N.V. purchased a new position in Best Buy during the 4th quarter valued at approximately $9,073,000. Hedge funds and other institutional investors 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.