Best Buy Co., Inc. (BBY) Major Shareholder Sells $4,889,250.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 75,000 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $65.19, for a total value of $4,889,250.00. Following the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $112,941,675. The sale was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Best Buy Co., Inc. (NYSE BBY) traded down $0.64 on Friday, reaching $63.75. The company had a trading volume of 3,749,400 shares, compared to its average volume of 4,460,647. Best Buy Co., Inc. has a 12-month low of $41.67 and a 12-month high of $64.80. The firm has a market capitalization of $18,822.90, a PE ratio of 16.02, a PEG ratio of 1.36 and a beta of 1.40. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The company had revenue of $9.32 billion for the quarter, compared to analyst estimates of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 earnings per share. equities analysts predict that Best Buy Co., Inc. will post 4.02 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Wednesday, December 6th. Best Buy’s payout ratio is 34.34%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Spectrum Management Group Inc. increased its position in shares of Best Buy by 25.7% during the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock worth $1,233,000 after acquiring an additional 4,405 shares during the period. Commerzbank Aktiengesellschaft FI boosted its stake in Best Buy by 18.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after acquiring an additional 13,150 shares in the last quarter. Viking Fund Management LLC boosted its stake in Best Buy by 66.7% in the third quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock valued at $570,000 after acquiring an additional 4,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Best Buy by 23.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after acquiring an additional 34,345 shares in the last quarter. Finally, Denali Advisors LLC acquired a new position in Best Buy in the third quarter valued at $740,000. 88.89% of the stock is currently owned by institutional investors.

BBY has been the subject of a number of research analyst reports. Royal Bank of Canada raised their target price on Best Buy from $60.00 to $61.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 30th. Oppenheimer restated a “hold” rating on shares of Best Buy in a research note on Tuesday, August 29th. Deutsche Bank restated a “buy” rating and issued a $58.00 target price (down previously from $60.00) on shares of Best Buy in a research note on Thursday, August 31st. Loop Capital restated a “buy” rating and issued a $72.00 target price on shares of Best Buy in a research note on Wednesday, September 20th. Finally, Moffett Nathanson initiated coverage on Best Buy in a research note on Monday, December 4th. They issued a “sell” rating for the company. Four analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $58.81.

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Best Buy Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Insider Buying and Selling by Quarter for Best Buy (NYSE:BBY)

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