Insider Selling: Best Buy (NYSE:BBY) Chairman Sells $15,149,094.48 in Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 193,896 shares of Best Buy stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $78.13, for a total value of $15,149,094.48. Following the sale, the chairman directly owned 10,655,641 shares in the company, valued at $832,525,231.33. The trade was a 1.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Best Buy Price Performance

BBY traded up $1.02 during trading on Friday, reaching $77.91. The stock had a trading volume of 3,805,606 shares, compared to its average volume of 4,509,497. The stock has a 50 day moving average of $66.72 and a two-hundred day moving average of $66.61. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $16.42 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 2.07 and a beta of 1.30. Best Buy Co., Inc. has a 1-year low of $55.10 and a 1-year high of $84.99.

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

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is 71.11%.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Concurrent Investment Advisors LLC raised its stake in shares of Best Buy by 100.6% during the 4th quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer’s stock worth $4,704,000 after purchasing an additional 35,239 shares in the last quarter. PFA Pension Forsikringsaktieselskab bought a new position in shares of Best Buy in the fourth quarter valued at $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Best Buy by 42.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer’s stock valued at $15,059,000 after buying an additional 67,600 shares in the last quarter. Trust Investment Advisors acquired a new position in Best Buy during the third quarter worth $1,939,000. Finally, Oxbow Advisors LLC bought a new stake in Best Buy during the fourth quarter worth $6,295,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. UBS Group restated a “neutral” rating and set a $86.00 price target (up from $85.00) on shares of Best Buy in a report on Friday, May 29th. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. The Goldman Sachs Group lifted their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research note on Friday, May 29th. Piper Sandler reissued a “neutral” rating and set a $77.00 target price on shares of Best Buy in a research report on Thursday, May 28th. Finally, Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $79.50.

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.