Best Buy Co., Inc. (NYSE:BBY) CAO Mathew Watson Sells 3,182 Shares

Best Buy Co., Inc. (NYSE:BBY) CAO Mathew Watson sold 3,182 shares of Best Buy stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This trade represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Best Buy Trading Up 1.0 %

Shares of NYSE:BBY traded up $0.70 during midday trading on Wednesday, reaching $73.83. The company’s stock had a trading volume of 266,617 shares, compared to its average volume of 2,969,657. The firm has a 50 day moving average price of $83.96 and a two-hundred day moving average price of $89.58. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of 12.59, 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.

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

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.15%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Truist Financial lowered their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler decreased their price objective on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research note on Monday, March 3rd. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Finally, Jefferies Financial Group reduced their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $93.50.

Hedge Funds Weigh In On Best Buy

Hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Financial Partners Inc bought a new stake in Best Buy in the 4th quarter worth about $3,293,000. Klein Pavlis & Peasley Financial Inc. grew its stake in shares of Best Buy by 48.6% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after acquiring an additional 8,640 shares during the period. Alberta Investment Management Corp increased its holdings in Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after acquiring an additional 21,200 shares during the last quarter. Merit Financial Group LLC bought a new stake in Best Buy in the 4th quarter valued at about $453,000. Finally, TCW Group Inc. lifted its holdings in Best Buy by 26.7% during the fourth quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after purchasing an additional 84,505 shares during the last quarter. Institutional investors and hedge funds 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.