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

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 224,705 shares of the company’s stock in a transaction dated 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 owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This trade represents a 2.11% 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 stock opened at $77.91 on Friday. Best Buy Co., Inc. has a 12-month low of $55.10 and a 12-month high of $84.99. 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 2.05 and a beta of 1.30. The business has a 50 day simple moving average of $67.01 and a 200 day simple moving average of $66.68. 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 (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BBY. AQR Capital Management LLC raised its holdings in shares of Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Norges Bank bought a new stake in Best Buy in the fourth quarter worth $174,685,000. Schroder Investment Management Group increased its position in Best Buy by 378.8% during the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after buying an additional 2,449,342 shares during the last quarter. Hsbc Holdings PLC increased its position in Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after buying an additional 1,030,544 shares during the last quarter. Finally, KBC Group NV increased its position in Best Buy by 293.6% during the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after buying an additional 785,294 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on BBY shares. The Goldman Sachs Group boosted their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. Telsey Advisory Group set a $90.00 target price on shares of Best Buy and gave the stock an “outperform” rating in a research report on Friday, May 29th. Morgan Stanley boosted their price target on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Weiss Ratings upgraded shares of Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Finally, Citigroup raised their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average 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.