Richard M. Schulze Sells 729,201 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard M. Schulze sold 729,201 shares of the company’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares of the company’s stock, valued at approximately $14,305,495. This trade represents a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Best Buy Stock Performance

Shares of BBY opened at $72.50 on Friday. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The stock has a market capitalization of $15.35 billion, a P/E ratio of 12.39, a P/E/G ratio of 2.10 and a beta of 1.25. The firm’s 50 day moving average is $67.54 and its 200-day moving average is $77.80. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy’s dividend payout ratio (DPR) is presently 92.91%.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently modified their holdings of the stock. Stevens Capital Management LP raised its holdings in Best Buy by 228.7% during the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer’s stock worth $1,941,000 after buying an additional 15,741 shares during the period. Invesco Ltd. increased its position in shares of Best Buy by 20.5% in the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after acquiring an additional 629,180 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after acquiring an additional 191,161 shares during the period. Pinnacle Financial Partners Inc purchased a new stake in shares of Best Buy in the 4th quarter valued at approximately $3,293,000. Finally, APG Asset Management N.V. acquired a new position in Best Buy in the 4th quarter worth approximately $9,073,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BBY. BNP Paribas raised Best Buy to a “hold” rating in a report on Friday, May 30th. Truist Financial lifted their target price on Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a research note on Friday, May 30th. DA Davidson reissued a “buy” rating and issued a $110.00 price target on shares of Best Buy in a research note on Monday, April 14th. Citigroup reissued a “neutral” rating and set a $70.00 price target (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Finally, Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.11.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.