Richard M. Schulze Acquires 250,000 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBYGet Rating) Chairman Richard M. Schulze bought 250,000 shares of Best Buy stock in a transaction dated Wednesday, May 25th. The stock was purchased at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the purchase, the chairman now owns 20,464,051 shares of the company’s stock, valued at approximately $1,628,938,459.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Shares of NYSE:BBY traded up $1.94 during trading on Friday, reaching $83.99. The stock had a trading volume of 3,313,219 shares, compared to its average volume of 3,324,378. Best Buy Co., Inc. has a one year low of $69.07 and a one year high of $141.97. The company has a market capitalization of $18.90 billion, a P/E ratio of 8.34, a PEG ratio of 0.86 and a beta of 1.42. The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.40. The firm’s 50-day simple moving average is $90.71 and its 200 day simple moving average is $99.76.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.04). Best Buy had a net margin of 4.74% and a return on equity of 63.23%. The firm had revenue of $10.65 billion during the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the prior year, the business posted $2.23 earnings per share. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. Equities research analysts forecast that Best Buy Co., Inc. will post 8.94 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Monday, June 13th. Best Buy’s dividend payout ratio (DPR) is presently 35.77%.

Hedge funds have recently added to or reduced their stakes in the stock. Counterpoint Mutual Funds LLC acquired a new stake in Best Buy in the 4th quarter worth approximately $25,000. Stonebridge Capital Advisors LLC boosted its stake in Best Buy by 65.4% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 100 shares in the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in Best Buy in the 1st quarter worth approximately $27,000. Concord Wealth Partners boosted its stake in Best Buy by 1,016.0% in the 4th quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock worth $28,000 after purchasing an additional 254 shares in the last quarter. Finally, Jacobi Capital Management LLC purchased a new position in Best Buy during the 3rd quarter worth approximately $29,000. Institutional investors own 80.79% of the company’s stock.

BBY has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Best Buy from a “sell” rating to a “hold” rating and set a $76.00 target price on the stock in a research note on Monday. Raymond James downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating in a research note on Friday, March 4th. Barclays downgraded shares of Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price target on the stock. in a research note on Wednesday. Truist Financial reduced their price target on shares of Best Buy to $83.00 and set a “hold” rating on the stock in a research note on Thursday, May 19th. Finally, Bank of America reduced their price target on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and a consensus price target of $95.67.

About Best Buy (Get Rating)

Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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