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

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 76,299 shares of the stock in a transaction on Monday, June 15th. The stock was 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 of the company’s stock, valued at $849,158,252.51. This represents a 0.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Best Buy Stock Down 3.2%

Shares of Best Buy stock traded down $2.42 during trading on Wednesday, reaching $73.16. The stock had a trading volume of 3,873,635 shares, compared to its average volume of 4,514,244. The company has a market capitalization of $15.42 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 2.06 and a beta of 1.30. The stock has a fifty day moving average price of $64.99 and a two-hundred day moving average price of $66.65. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $84.99. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.Best Buy’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.56 EPS 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 given 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 yield of 5.2%. Best Buy’s dividend payout ratio is 71.11%.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in BBY. Torren Management LLC acquired a new position in Best Buy in the 4th quarter valued at $25,000. MV Capital Management Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at about $25,000. Palisade Asset Management LLC acquired a new position in shares of Best Buy in the third quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new position in shares of Best Buy in the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of Best Buy by 239.2% in 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 in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the topic of a number of research analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. HSBC lowered their price target on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. BNP Paribas Exane upped their price objective on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wells Fargo & Company lifted their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 28th. Finally, Piper Sandler reissued a “neutral” rating and set a $77.00 target price on shares of Best Buy in a report on Thursday, May 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently 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.