Best Buy Co., Inc. (NYSE:BBY) CAO Sells $204,909.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) CAO Mathew Watson sold 2,505 shares of Best Buy stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the completion of the transaction, the chief accounting officer now owns 25,638 shares in the company, valued at approximately $2,097,188.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Stock Performance

NYSE:BBY opened at $81.85 on Thursday. The firm’s 50-day moving average is $76.01 and its 200-day moving average is $72.85. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market cap of $17.63 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 2.11 and a beta of 1.49.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company had revenue of $14.65 billion for the quarter, compared to the consensus estimate of $14.58 billion. During the same quarter in the previous year, the firm posted $2.61 EPS. The business’s revenue was down .6% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 21st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.59%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s payout ratio is presently 66.08%.

Analysts Set New Price Targets

Several research firms have weighed in on BBY. Truist Financial lifted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Barclays lifted their price objective on shares of Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Morgan Stanley lifted their price objective on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, March 1st. Wedbush lifted their price objective on shares of Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, March 1st. Finally, Telsey Advisory Group raised shares of Best Buy from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $85.00 to $95.00 in a research note on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $84.27.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Private Advisor Group LLC grew its stake in Best Buy by 29.2% during the first quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after buying an additional 1,252 shares during the last quarter. Yousif Capital Management LLC grew its stake in Best Buy by 1.1% during the first quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock worth $3,554,000 after buying an additional 415 shares during the last quarter. Aviva PLC grew its stake in Best Buy by 31.1% during the first quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock worth $9,578,000 after buying an additional 24,977 shares during the last quarter. Prudential PLC bought a new stake in Best Buy during the first quarter worth about $499,000. Finally, Cetera Investment Advisers grew its stake in Best Buy by 6.3% during the first quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after buying an additional 305 shares during the last quarter. Institutional investors 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 and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.