Richard Schulze Sells 224,705 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 224,705 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the transaction, the chairman directly owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Best Buy Price Performance

Shares of BBY opened at $77.91 on Friday. The firm has a market capitalization of $16.42 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $84.99. The company’s fifty day moving average price is $67.01 and its 200-day moving average price is $66.68.

Best Buy (NYSE:BBY) last issued its earnings results 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. 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 quarter last year, the business posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

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

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Torren Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC acquired a new stake in shares of Best Buy during the 3rd quarter worth approximately $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy during the 4th quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BBY shares. Piper Sandler reaffirmed a “neutral” rating and set a $77.00 target price on shares of Best Buy in a report on Thursday, May 28th. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. UBS Group restated a “neutral” rating and set a $86.00 price objective (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Weiss Ratings raised shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Finally, Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $79.50.

About Best Buy

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.