Best Buy Co. Major Shareholder Sells $64,540,859 in Stock (BBY)
Best Buy Co. (NYSE:BBY) major shareholder Richard Schulze unloaded 1,708,334 shares of the company’s stock on the open market in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $37.78, for a total value of $64,540,858.52. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $65,453,850. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
A number of research firms have recently commented on BBY. Analysts at Bank of America Corp. reiterated a “hold” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Monday, September 23rd. They now have a $38.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Best Buy Co. (NYSE:BBY) from $38.00 to $50.00 in a research note to investors on Monday, September 23rd. They now have an “overweight” rating on the stock. Finally, analysts at Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy Co. (NYSE:BBY) in a research note to investors on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $38.78.
Best Buy Co. (NYSE:BBY) traded up 1.22% on Friday, hitting $38.15. The stock had a trading volume of 3,312,283 shares. Best Buy Co. has a 1-year low of $11.20 and a 1-year high of $39.28. The stock has a 50-day moving average of $36.88 and a 200-day moving average of $29.34. The company’s market cap is $13.029 billion.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 20th. The company reported $0.32 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.26 earnings per share. Best Buy Co.’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
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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