Best Buy (NYSE:BBY) Chairman Sells $27,753,000.00 in Stock

Key Points

• Best Buy Chairman Richard Schulze sold 300,000 shares at an average price of $92.51, totaling approximately $27.75 million.
• Best Buy reported quarterly results above expectations, with earnings of $1.47 per share and revenue of $9.78 billion, up 3.6% year over year.
• The company declared a quarterly dividend of $0.96 per share, equivalent to $3.84 annually and a 4.1% yield; analysts collectively maintain a “Hold” rating with an average price target of $85.40.

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) Chairman Richard Schulze sold 300,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Best Buy Stock Performance

NYSE BBY traded down $1.61 on Friday, reaching $92.95. 5,108,147 shares of the stock were exchanged, compared to its average volume of 4,269,203. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $95.85. The firm has a market capitalization of $19.49 billion, a PE ratio of 15.47, a PEG ratio of 2.31 and a beta of 1.28. The company's 50-day simple moving average is $86.44 and its two-hundred day simple moving average is $73.77.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.08. The business had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts expect that Best Buy Co., Inc. will post 6.82 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy's dividend payout ratio (DPR) is 63.89%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. HighTower Advisors LLC increased its stake in shares of Best Buy by 250.6% during the fourth quarter. HighTower Advisors LLC now owns 101,292 shares of the technology retailer's stock valued at $6,779,000 after buying an additional 72,398 shares during the period. Genus Capital Management Inc. purchased a new stake in Best Buy in the fourth quarter worth about $1,656,000. BlackRock Inc. purchased a new stake in Best Buy in the second quarter worth about $1,932,812,000. Meeder Asset Management Inc. bought a new position in Best Buy during the 2nd quarter worth about $1,224,000. Finally, Canada Pension Plan Investment Board bought a new position in Best Buy during the 2nd quarter worth about $2,734,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of research reports. Daiwa Securities Group upped their target price on shares of Best Buy from $68.00 to $77.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. Morgan Stanley lifted their price target on shares of Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Friday, August 28th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $62.00 to $71.00 and gave the company a "sell" rating in a report on Friday, August 28th. Bank of America assumed coverage on Best Buy in a research report on Monday, August 3rd. They set an "underperform" rating and a $80.00 price objective for the company. Finally, Citigroup lifted their target price on Best Buy from $79.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $85.40.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.

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