Best Buy (NYSE:BBY) Chairman Richard Schulze Sells 300,000 Shares

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 300,000 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Stock Performance

NYSE:BBY opened at $92.95 on Friday. The firm’s 50-day moving average is $86.64 and its 200-day moving average is $73.90. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 2.36 and a beta of 1.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.41 and a current ratio of 1.12. Best Buy Co., Inc. has a 52-week low of $55.10 and a 52-week high of $95.85.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter last year, the company earned $1.28 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in Best Buy by 250.6% in the 4th quarter. HighTower Advisors LLC now owns 101,292 shares of the technology retailer’s stock valued at $6,779,000 after purchasing an additional 72,398 shares during the last quarter. Genus Capital Management Inc. bought a new stake in shares of Best Buy during the fourth quarter worth $1,656,000. BlackRock Inc. acquired a new stake in shares of Best Buy in the second quarter valued at $1,932,812,000. Meeder Asset Management Inc. acquired a new stake in shares of Best Buy in the second quarter valued at $1,224,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Best Buy in the second quarter valued at about $2,734,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BBY. Piper Sandler upped their target price on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Barclays lifted their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Truist Financial set a $100.00 price target on shares of Best Buy in a report on Thursday, August 27th. Weiss Ratings upgraded shares of Best Buy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, Citigroup raised their price objective on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Six research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.