Insider Selling: Best Buy Co., Inc. (NYSE:BBY) CEO Sells 366 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) CEO Corie S. Barry sold 366 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $75.76, for a total value of $27,728.16. Following the completion of the transaction, the chief executive officer now directly owns 431,231 shares in the company, valued at $32,670,060.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Stock Performance

NYSE:BBY opened at $76.15 on Friday. The stock has a market cap of $16.40 billion, a P/E ratio of 13.38, a PEG ratio of 1.98 and a beta of 1.49. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The business’s 50-day moving average price is $77.96 and its two-hundred day moving average price is $73.94. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The company had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.61 EPS. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st were issued a $0.94 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.94%. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rise Advisors LLC increased its holdings in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares in the last quarter. MCF Advisors LLC grew its holdings in shares of Best Buy by 2.7% in the first quarter. MCF Advisors LLC now owns 5,087 shares of the technology retailer’s stock worth $422,000 after acquiring an additional 134 shares during the period. Hartford Financial Management Inc. grew its holdings in shares of Best Buy by 56.5% in the fourth quarter. Hartford Financial Management Inc. now owns 388 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 140 shares during the period. UMB Bank n.a. grew its holdings in shares of Best Buy by 4.0% in the fourth quarter. UMB Bank n.a. now owns 3,839 shares of the technology retailer’s stock worth $301,000 after acquiring an additional 148 shares during the period. Finally, Avory & Company LLC grew its holdings in shares of Best Buy by 2.6% in the fourth quarter. Avory & Company LLC now owns 6,011 shares of the technology retailer’s stock worth $471,000 after acquiring an additional 154 shares during the period. Institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BBY shares. Telsey Advisory Group raised Best Buy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $85.00 to $95.00 in a research report on Wednesday, March 20th. Truist Financial upped their price target on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, March 1st. The Goldman Sachs Group upped their price objective on Best Buy from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $89.00 to $101.00 in a research note on Friday, March 22nd. Finally, Wedbush upped their price target on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $84.60.

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.