Best Buy Co Inc (NYSE:BBY) Major Shareholder Richard M. Schulze Sells 589,500 Shares

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Best Buy Co Inc (NYSE:BBY) major shareholder Richard M. Schulze sold 589,500 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $79.25, for a total transaction of $46,717,875.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Richard M. Schulze also recently made the following trade(s):

  • On Friday, November 29th, Richard M. Schulze sold 369,000 shares of Best Buy stock. The stock was sold at an average price of $80.97, for a total transaction of $29,877,930.00.
  • On Wednesday, November 27th, Richard M. Schulze sold 1,106,000 shares of Best Buy stock. The stock was sold at an average price of $80.69, for a total transaction of $89,243,140.00.

BBY stock traded up $1.07 during midday trading on Wednesday, reaching $79.18. The company’s stock had a trading volume of 3,112,727 shares, compared to its average volume of 2,929,016. Best Buy Co Inc has a 52 week low of $47.72 and a 52 week high of $83.63. The stock has a market cap of $21.25 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. The company has a quick ratio of 0.27, a current ratio of 1.05 and a debt-to-equity ratio of 1.10. The business’s 50-day simple moving average is $74.79 and its 200-day simple moving average is $69.98.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.10. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. The firm had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.71 billion. During the same period last year, the firm earned $0.93 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities analysts forecast that Best Buy Co Inc will post 5.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be paid a $0.50 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 2.53%. Best Buy’s payout ratio is presently 37.59%.

Hedge funds have recently made changes to their positions in the business. Virtus ETF Advisers LLC bought a new position in Best Buy in the second quarter valued at approximately $25,000. TRUE Private Wealth Advisors bought a new position in Best Buy in the second quarter valued at approximately $27,000. Advisors Preferred LLC bought a new position in Best Buy in the second quarter valued at approximately $27,000. Whittier Trust Co. boosted its stake in Best Buy by 138.4% in the third quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock valued at $38,000 after acquiring an additional 321 shares during the last quarter. Finally, Rational Advisors LLC boosted its stake in Best Buy by 168.3% in the third quarter. Rational Advisors LLC now owns 550 shares of the technology retailer’s stock valued at $38,000 after acquiring an additional 345 shares during the last quarter. 75.60% of the stock is currently owned by hedge funds and other institutional investors.

BBY has been the subject of several recent analyst reports. ValuEngine lowered shares of Best Buy from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Nomura increased their price target on shares of Best Buy from $73.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, November 27th. Loop Capital set a $90.00 price target on shares of Best Buy and gave the company a “buy” rating in a research note on Wednesday, September 18th. Barclays raised shares of Best Buy to a “buy” rating and increased their price target for the company from $75.00 to $90.00 in a research note on Wednesday, November 27th. Finally, Wedbush reissued a “hold” rating and set a $76.00 price target on shares of Best Buy in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Best Buy has an average rating of “Hold” and an average target price of $82.47.

About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.

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

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