Best Buy (NYSE:BBY) Chairman Richard Schulze Sells 76,299 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 76,299 shares of Best Buy stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $78.23, for a total transaction of $5,968,870.77. Following the sale, the chairman directly owned 10,854,637 shares in the company, valued at $849,158,252.51. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Best Buy Trading Down 3.2%

Shares of Best Buy stock opened at $73.16 on Thursday. The firm has a market capitalization of $15.42 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 2.01 and a beta of 1.30. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average is $65.17 and its 200 day moving average is $66.60. 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 announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 2.73% and a return on equity of 48.70%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts forecast that Best Buy Co., Inc. will post 6.56 earnings per share 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. Investors of record on Thursday, June 18th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $3.84 annualized dividend and a dividend yield of 5.2%. Best Buy’s payout ratio is 71.11%.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of the company. Shariaportfolio Inc. boosted its stake in shares of Best Buy by 27.1% in the 1st quarter. Shariaportfolio Inc. now owns 35,874 shares of the technology retailer’s stock valued at $2,303,000 after purchasing an additional 7,652 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Best Buy by 40.6% in the 1st quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer’s stock valued at $255,000 after purchasing an additional 1,146 shares during the last quarter. Cozad Asset Management Inc. boosted its stake in shares of Best Buy by 4.1% in the 1st quarter. Cozad Asset Management Inc. now owns 23,006 shares of the technology retailer’s stock valued at $1,477,000 after purchasing an additional 916 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Best Buy by 11.5% in the 1st quarter. Glenmede Trust Co. NA now owns 22,452 shares of the technology retailer’s stock valued at $1,441,000 after purchasing an additional 2,314 shares during the last quarter. Finally, Royal Fund Management LLC bought a new stake in shares of Best Buy in the 1st quarter valued at $3,162,000. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BBY has been the topic of a number of research reports. Loop Capital boosted their target price on shares of Best Buy from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Daiwa Securities Group boosted their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $76.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Wells Fargo & Company boosted their target price on shares of Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, May 28th. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $79.05.

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.