Best Buy (NYSE:BBY) Chairman Sells $5,968,870.77 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 76,299 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $78.23, for a total value of $5,968,870.77. Following the transaction, the chairman directly owned 10,854,637 shares of the company’s stock, valued at $849,158,252.51. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Best Buy Stock Up 0.2%

BBY stock opened at $74.89 on Friday. The company has a market cap of $15.78 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 1.99 and a beta of 1.30. Best Buy Co., Inc. has a twelve month low of $55.10 and a twelve month high of $84.99. The business has a 50 day moving average price of $65.59 and a two-hundred day moving average price of $66.62. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Dividend Announcement

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 issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Thursday, June 18th. Best Buy’s payout ratio is presently 71.11%.

Analyst Upgrades and Downgrades

A number of analysts have commented on BBY shares. BNP Paribas Exane increased 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. Loop Capital boosted their price objective on shares of Best Buy from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Morgan Stanley upped their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Evercore raised their target price on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Finally, Jefferies Financial Group lifted their price target on Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $79.05.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Huntington National Bank lifted its position in shares of Best Buy by 12.0% in the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock worth $98,000 after purchasing an additional 139 shares during the period. Krane Funds Advisors LLC boosted its stake in shares of Best Buy by 3.0% in the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after purchasing an additional 151 shares during the last quarter. Linden Thomas Advisory Services LLC increased its position in shares of Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after buying an additional 152 shares during the period. Applied Finance Capital Management LLC raised its stake in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after buying an additional 157 shares during the last quarter. Finally, International Private Wealth Advisors LLC raised its stake in Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after buying an additional 165 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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.