Best Buy Co Inc (NYSE:BBY) major shareholder Richard M. Schulze sold 290,796 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $85.59, for a total transaction of $24,889,229.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Shares of Best Buy stock traded up $0.08 during midday trading on Wednesday, hitting $87.35. The company had a trading volume of 2,278,931 shares, compared to its average volume of 2,879,975. The business's 50 day simple moving average is $80.72 and its two-hundred day simple moving average is $78.59. The stock has a market cap of $22.47 billion, a PE ratio of 16.06, a P/E/G ratio of 2.44 and a beta of 1.48. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.02 and a quick ratio of 0.57. Best Buy Co Inc has a 1-year low of $48.10 and a 1-year high of $91.99.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 21st. The technology retailer reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.26. The business had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $8.26 billion. Best Buy had a net margin of 3.33% and a return on equity of 45.89%. Best Buy's quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $1.02 earnings per share. On average, sell-side analysts expect that Best Buy Co Inc will post 5.03 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Thursday, June 11th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $2.20 annualized dividend and a dividend yield of 2.52%. Best Buy's payout ratio is 36.24%.
A number of analysts have recently issued reports on the stock. ValuEngine lowered shares of Best Buy from a "hold" rating to a "sell" rating in a research report on Wednesday, May 27th. Loop Capital upgraded Best Buy to a "buy" rating in a report on Friday, May 22nd. Nomura Instinet dropped their price objective on Best Buy from $85.00 to $84.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Nomura Securities increased their price objective on Best Buy from $58.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, Barclays increased their price objective on Best Buy from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the company. Best Buy has a consensus rating of "Hold" and an average target price of $86.52.
Several institutional investors have recently made changes to their positions in BBY. Norges Bank acquired a new stake in shares of Best Buy in the fourth quarter worth $247,638,000. APG Asset Management N.V. lifted its position in Best Buy by 65.7% in the first quarter. APG Asset Management N.V. now owns 3,221,797 shares of the technology retailer's stock worth $203,893,000 after purchasing an additional 1,277,308 shares during the period. Janus Henderson Group PLC lifted its position in Best Buy by 61.1% in the fourth quarter. Janus Henderson Group PLC now owns 3,080,001 shares of the technology retailer's stock worth $270,425,000 after purchasing an additional 1,168,359 shares during the period. AQR Capital Management LLC lifted its position in Best Buy by 34.2% in the first quarter. AQR Capital Management LLC now owns 4,044,130 shares of the technology retailer's stock worth $230,516,000 after purchasing an additional 1,029,966 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in Best Buy by 66.7% in the first quarter. Robeco Institutional Asset Management B.V. now owns 2,019,859 shares of the technology retailer's stock worth $115,133,000 after purchasing an additional 807,879 shares during the period. Institutional investors and hedge funds own 77.46% of the company's stock.
Best Buy Company Profile
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.
See Also: Overbought
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7 Energy Stocks to Buy On This Historical Dip
It may seem hard to believe, but the current chaos in the energy sector, and oil stocks, in particular, will pass. The novel coronavirus that has birthed a global pandemic is being compared to the Spanish Flu of 1918.
Of course, when you have once in a century event, it’s difficult to look back in history and make an apples-to-apples comparison to our current situation. This isn’t to minimize our current situation. It’s simply to say that the market is forward-looking, but it’s also emotional. And it also hates uncertainty.
In a typical economic downturn, demand decreases, and investors are advised to “buy the dip.” But in the current environment, demand has been destroyed. Millions of Americans are being asked, and in some cases ordered, to stay home. And this simply means that oil demand is down. And investors are looking at prices that are, in some cases, at all-time lows.
The trading app Robinhood is frequented by millennial investors. And according to the latest information, many investors are trying to buy the dip on old guard oil stocks. That may be a mistake.
But the energy sector is about more than just oil stocks. There are several companies that are holding their own in the current environment. And that means when the economy opens up, these companies will be well-positioned for further growth.
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View the "7 Energy Stocks to Buy On This Historical Dip".