Insider Selling: Richard Schulze Sells 462,337 Shares of Best Buy Co. Stock (BBY)
Best Buy Co. (NYSE:BBY) Chairman Richard Schulze sold 462,337 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $37.39, for a total value of $17,286,780.43. Following the sale, the chairman now directly owns 1,732,500 shares of the company’s stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Merrill Lynch upgraded shares of Best Buy Co. (NYSE:BBY) from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, September 4th. Separately, analysts at Bank of America Corp. upgraded shares of Best Buy Co. (NYSE:BBY) from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, September 4th. They now have a $38.00 price target on the stock, up previously from $11.50. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Tuesday, September 3rd. They now have a $38.00 price target on the stock.
Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $37.94.
Best Buy Co. (NYSE:BBY) traded down 0.71% during mid-day trading on Thursday, hitting $37.63. 3,224,598 shares of the company’s stock traded hands. Best Buy Co. has a 1-year low of $11.20 and a 1-year high of $38.00. The stock’s 50-day moving average is $33.10 and its 200-day moving average is $27.07. The company’s market cap is $12.809 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, September 6th.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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