Best Buy Co major shareholder Richard M. Schulze Sells 1,600 Shares (BBY)
Best Buy Co (NYSE:BBY) major shareholder Richard M. Schulze sold 1,600 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $31.81, for a total transaction of $50,896.00. Following the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $55,110,825. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Best Buy Co (NYSE:BBY) traded down 1.69% during mid-day trading on Tuesday, hitting $31.35. 4,928,892 shares of the company’s stock traded hands. Best Buy Co has a 1-year low of $22.15 and a 1-year high of $44.66. The stock has a 50-day moving average of $30.35 and a 200-day moving average of $27.73. The company has a market cap of $10.951 billion and a P/E ratio of 11.70. Best Buy Co also was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 27,793,796 shares, a growth of 13.1% from the July 31st total of 24,579,290 shares. Based on an average daily trading volume, of 2,938,124 shares, the short-interest ratio is presently 9.5 days. Approximately 9.8% of the shares of the company are short sold.
Best Buy Co (NYSE:BBY) last released its earnings data on Tuesday, August 26th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.13. The company had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. Best Buy Co’s revenue was down 4.0% compared to the same quarter last year. On average, analysts predict that Best Buy Co will post $2.30 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Best Buy Co from $35.00 to $37.00 in a research note on Wednesday, August 27th. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Best Buy Co from $34.00 to $36.00 in a research note on Wednesday, August 27th. They now have an “outperform” rating on the stock. Finally, analysts at Piper Jaffray reiterated a “buy” rating on shares of Best Buy Co in a research note on Friday, August 22nd. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Best Buy Co currently has a consensus rating of “Buy” and an average target price of $41.25.
Best Buy Co, Inc is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
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