Richard Schulze Sells 500,350 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 500,350 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Best Buy Trading Down 1.3%

NYSE BBY opened at $71.84 on Thursday. The firm’s fifty day moving average price is $62.87 and its 200 day moving average price is $66.72. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $84.99. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company has a market capitalization of $15.14 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 1.94 and a beta of 1.30.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, sell-side analysts expect that Best Buy Co., Inc. will post 6.55 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a $0.96 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.3%. Best Buy’s dividend payout ratio is 71.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley boosted their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, May 29th. HSBC reduced their price target on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Daiwa Securities Group raised their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Wedbush lifted their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $79.05.

Trending Headlines about Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Daiwa Securities lifted its price target on BBY to $77 from $68, suggesting improved expectations even though the firm kept a neutral rating. Other analysts also raised targets recently, which can help support the stock. MarketScreener
• Positive Sentiment: Best Buy’s latest quarterly results topped estimates on both EPS and revenue, and management maintained its FY2027 outlook, reinforcing the view that the business is executing well. Yahoo Finance
• Positive Sentiment: Media coverage around Best Buy’s AI laptop assortment, marketplace growth, and other new product initiatives has fueled optimism that the retailer may be finding new growth drivers. MarketBeat
• Neutral Sentiment: Jim Cramer highlighted Best Buy in recent commentary, and other coverage noted the stock’s strong year-to-date performance and dividend yield. These items may support sentiment, but they are not direct catalysts. Yahoo Finance
• Negative Sentiment: Chairman Richard M. Schulze sold 500,350 shares, and CAO Mathew Watson also sold shares. Insider selling can weigh on investor confidence, especially after a strong run in the stock. SEC filing
• Negative Sentiment: One report said BBY underperformed peers on Tuesday, hinting that traders may be rotating away from the stock despite recent operational improvements. MarketWatch

Hedge Funds Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the company. Palisade Asset Management LLC purchased a new position in Best Buy in the third quarter worth $25,000. MV Capital Management Inc. purchased a new position in Best Buy in the fourth quarter worth $25,000. Torren Management LLC purchased a new position in Best Buy in the fourth quarter worth $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy in the fourth quarter worth $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.