Best Buy (NYSE:BBY) Chairman Richard Schulze Sells 193,896 Shares

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 193,896 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $78.13, for a total value of $15,149,094.48. Following the sale, the chairman directly owned 10,655,641 shares in the company, valued at approximately $832,525,231.33. This trade represents a 1.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Best Buy Trading Up 1.3%

Shares of BBY stock opened at $77.91 on Friday. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The stock’s fifty day simple moving average is $67.01 and its 200 day simple moving average is $66.68. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $16.42 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.05 and a beta of 1.30.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same period last year, the company earned $1.15 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, sell-side analysts predict that Best Buy Co., Inc. will post 6.56 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 9th. Shareholders of record on Thursday, June 18th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

Analyst Ratings Changes

Several research firms have recently issued reports on BBY. Loop Capital dropped their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Monday. Wells Fargo & Company raised their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. Finally, Citigroup raised their target price on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.50.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Redwood Investment Management LLC boosted its stake in Best Buy by 36.5% during the first quarter. Redwood Investment Management LLC now owns 12,767 shares of the technology retailer’s stock worth $820,000 after acquiring an additional 3,414 shares in the last quarter. Shariaportfolio Inc. increased its stake in Best Buy by 27.1% in the first quarter. Shariaportfolio Inc. now owns 35,874 shares of the technology retailer’s stock valued at $2,303,000 after purchasing an additional 7,652 shares in the last quarter. Parallel Advisors LLC increased its stake in Best Buy by 40.6% in the first quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer’s stock valued at $255,000 after purchasing an additional 1,146 shares in the last quarter. Cozad Asset Management Inc. raised its holdings in shares of Best Buy by 4.1% during the first quarter. Cozad Asset Management Inc. now owns 23,006 shares of the technology retailer’s stock valued at $1,477,000 after purchasing an additional 916 shares during the period. Finally, Glenmede Trust Co. NA raised its holdings in shares of Best Buy by 11.5% during the first quarter. Glenmede Trust Co. NA now owns 22,452 shares of the technology retailer’s stock valued at $1,441,000 after purchasing an additional 2,314 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

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.