Insider Selling: Best Buy Co., Inc. (NYSE:BBY) Chairman Sells 729,201 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the completion of the transaction, the chairman now owns 196,100 shares of the company's stock, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Best Buy Price Performance

BBY stock traded down $2.97 during trading on Friday, hitting $69.57. 2,895,274 shares of the company's stock traded hands, compared to its average volume of 3,341,644. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The business has a fifty day simple moving average of $67.81 and a 200 day simple moving average of $77.60. The stock has a market capitalization of $14.70 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 2.10 and a beta of 1.25.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, beating the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. Best Buy's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 earnings per share. As a group, research analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.46%. Best Buy's dividend payout ratio (DPR) is presently 92.91%.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after acquiring an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock valued at $512,986,000 after buying an additional 408,605 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Best Buy during the 4th quarter valued at about $514,483,000. Geode Capital Management LLC lifted its holdings in Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock valued at $436,210,000 after buying an additional 239,840 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Best Buy by 6.4% during the 1st quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after buying an additional 234,669 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Wall Street Analysts Forecast Growth

BBY has been the subject of a number of recent analyst reports. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. UBS Group dropped their price target on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Guggenheim restated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Tuesday. Piper Sandler dropped their target price on shares of Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, BNP Paribas upgraded shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $86.11.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.