Insider Selling: Best Buy Co., Inc. (NYSE:BBY) CFO Sells $3,784,200.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on Monday, March 24th. The shares were sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Best Buy Price Performance

Shares of BBY stock opened at $72.28 on Friday. The firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s 50-day simple moving average is $82.51 and its 200-day simple moving average is $88.31. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same quarter in the previous year, the firm earned $2.72 EPS. As a group, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Institutional Trading of Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Best Buy by 144.0% during the fourth quarter. Wellington Management Group LLP now owns 5,683 shares of the technology retailer’s stock worth $488,000 after purchasing an additional 3,354 shares during the period. DSG Capital Advisors LLC purchased a new position in Best Buy during the 4th quarter worth approximately $2,777,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Best Buy by 49.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 172,806 shares of the technology retailer’s stock valued at $14,827,000 after acquiring an additional 57,520 shares during the last quarter. Siemens Fonds Invest GmbH increased its stake in shares of Best Buy by 254.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 15,349 shares of the technology retailer’s stock worth $1,317,000 after acquiring an additional 11,024 shares during the period. Finally, GHE LLC lifted its position in Best Buy by 4.3% during the fourth quarter. GHE LLC now owns 19,163 shares of the technology retailer’s stock valued at $1,644,000 after purchasing an additional 788 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BBY. DA Davidson cut their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Evercore ISI lowered their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. UBS Group set a $105.00 price objective on shares of Best Buy in a report on Wednesday, March 5th. Finally, Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $93.50.

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.