Richard Schulze Sells 500,000 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 500,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the transaction, the chairman owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Best Buy Stock Performance

Best Buy stock opened at $82.35 on Friday. The firm has a market capitalization of $17.30 billion, a P/E ratio of 22.75, a PEG ratio of 2.14 and a beta of 1.23. The stock has a fifty day moving average price of $75.66 and a 200 day moving average price of $70.74. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $95.49. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Shareholders of record on Thursday, September 18th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Thursday, September 18th. Best Buy’s payout ratio is 104.97%.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research reports. Truist Financial boosted their price target on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, August 29th. Wedbush boosted their price target on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, August 29th. Piper Sandler reissued a “neutral” rating and set a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research report on Monday, July 14th. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $81.69.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Harrell Investment Partners LLC boosted its position in shares of Best Buy by 14.1% in the third quarter. Harrell Investment Partners LLC now owns 32,086 shares of the technology retailer’s stock worth $2,426,000 after buying an additional 3,968 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Best Buy by 10.3% in the third quarter. Benjamin Edwards Inc. now owns 62,754 shares of the technology retailer’s stock worth $4,746,000 after buying an additional 5,884 shares during the period. Lecap Asset Management Ltd. boosted its position in shares of Best Buy by 90.9% in the third quarter. Lecap Asset Management Ltd. now owns 30,284 shares of the technology retailer’s stock worth $2,290,000 after buying an additional 14,422 shares during the period. HB Wealth Management LLC boosted its position in shares of Best Buy by 13.2% in the third quarter. HB Wealth Management LLC now owns 7,268 shares of the technology retailer’s stock worth $550,000 after buying an additional 847 shares during the period. Finally, CX Institutional boosted its holdings in Best Buy by 7.5% in the third quarter. CX Institutional now owns 7,293 shares of the technology retailer’s stock valued at $551,000 after purchasing an additional 511 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

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.