Best Buy (NYSE:BBY) Chairman Richard Schulze Sells 5,100 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 5,100 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $78.00, for a total value of $397,800.00. Following the completion of the sale, the chairman directly owned 10,849,537 shares of the company’s stock, valued at $846,263,886. This represents a 0.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Best Buy Price Performance

Shares of NYSE:BBY opened at $73.16 on Thursday. Best Buy Co., Inc. has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The business has a 50-day moving average of $65.17 and a two-hundred day moving average of $66.60. The stock has a market capitalization of $15.42 billion, a P/E ratio of 13.55, a P/E/G ratio of 2.01 and a beta of 1.30. 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 announced its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the previous year, the firm earned $1.15 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities research analysts predict that Best Buy Co., Inc. will post 6.56 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s payout ratio is currently 71.11%.

Hedge Funds Weigh In On Best Buy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter valued at about $25,000. MV Capital Management Inc. bought a new position in Best Buy during the fourth quarter valued at about $25,000. Torren Management LLC bought a new position in Best Buy during the fourth quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy during the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. increased its stake in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares during the period. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BBY. DA Davidson reissued a “buy” rating and set a $78.00 price objective on shares of Best Buy in a research report on Friday, May 29th. 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 research report on Friday, May 29th. Daiwa Securities Group boosted their price objective on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Wells Fargo & Company boosted their price objective on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. Finally, Wedbush boosted their price objective on Best Buy from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and an average target price 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.