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

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

Best Buy Stock Up 1.3%

BBY stock opened at $77.91 on Friday. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $84.99. The firm has a market cap of $16.42 billion, a PE ratio of 14.43, a PEG ratio of 2.07 and a beta of 1.30. The firm’s 50 day moving average price is $67.01 and its 200-day moving average price is $66.68. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping 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 company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period in the prior year, the business posted $1.15 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 71.11%.

Hedge Funds Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the company. Woodline Partners LP boosted its stake in shares of Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its stake in Best Buy by 4.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares during the period. Investment Management Corp of Ontario lifted its holdings in Best Buy by 127.7% during the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC lifted its holdings in Best Buy by 155.4% during the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of recent analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. BNP Paribas Exane boosted their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Finally, Daiwa Securities Group lifted their target price on shares of Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $79.50.

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.