Best Buy (NYSE:BBY) Stock: Insider Kathleen Scarlett Sells 116,062 Shares

Key Points

• Best Buy EVP Kathleen Scarlett sold 116,062 shares at an average price of $92.15, generating approximately $10.7 million and reducing her ownership by nearly 50%.
• Best Buy reported quarterly adjusted earnings of $1.47 per share, exceeding estimates, while revenue rose 3.6% year over year to $9.78 billion.
• The company declared a quarterly dividend of $0.96 per share, equivalent to a 4.2% annualized yield; analysts maintain a consensus “Hold” rating with an average price target of $85.40.

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the sale, the executive vice president owned 116,173 shares of the company's stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Best Buy Trading Up 0.3%

Shares of NYSE BBY traded up $0.27 during mid-day trading on Thursday, reaching $91.07. The company had a trading volume of 3,354,126 shares, compared to its average volume of 4,249,246. The business's 50-day moving average is $87.20 and its 200-day moving average is $74.56. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The stock has a market cap of $19.10 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 2.37 and a beta of 1.28. Best Buy Co., Inc. has a 52 week low of $55.10 and a 52 week high of $96.53.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.08. The company 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 firm's revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.82 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Thursday, September 17th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Thursday, September 17th. Best Buy's payout ratio is currently 63.89%.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently made changes to their positions in the stock. Tema ETFs LLC increased its position in shares of Best Buy by 6.5% during the 2nd quarter. Tema ETFs LLC now owns 2,365 shares of the technology retailer's stock worth $179,000 after purchasing an additional 145 shares in the last quarter. Krane Funds Advisors LLC boosted its position in Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after buying an additional 151 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its stake in Best Buy by 1.0% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 14,613 shares of the technology retailer's stock worth $1,109,000 after buying an additional 151 shares during the last quarter. Center for Financial Planning Inc. increased its holdings in shares of Best Buy by 4.9% during the first quarter. Center for Financial Planning Inc. now owns 4,319 shares of the technology retailer's stock worth $277,000 after buying an additional 200 shares in the last quarter. Finally, Avory & Company LLC raised its stake in shares of Best Buy by 6.4% in the fourth quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer's stock valued at $233,000 after acquiring an additional 210 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. UBS Group reissued a "neutral" rating and issued a $90.00 price objective (up from $86.00) on shares of Best Buy in a research note on Friday, August 28th. Barclays upped their target price on Best Buy from $77.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Wells Fargo & Company increased their price target on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded Best Buy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Finally, BNP Paribas Exane boosted their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Six research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and a consensus price target 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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