Richard Schulze Sells 374,164 Shares of Best Buy (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) Chairman Richard Schulze sold 374,164 shares of Best Buy stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $83.24, for a total value of $31,145,411.36. Following the transaction, the chairman directly owned 11,786,904 shares in the company, valued at approximately $981,141,888.96. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Best Buy Trading Up 0.0%

BBY opened at $83.87 on Thursday. The firm has a market cap of $17.62 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 2.21 and a beta of 1.23. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $95.49. The business’s 50 day moving average is $76.53 and its two-hundred day moving average is $71.55. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a $0.95 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 4.5%. Best Buy’s payout ratio is presently 104.97%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Citigroup reissued a “buy” rating on shares of Best Buy in a report on Thursday, August 28th. Guggenheim reissued a “buy” rating and issued a $90.00 target price on shares of Best Buy in a report on Friday, August 29th. Bank of America dropped their target price on Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a report on Friday, August 29th. Wedbush lifted their price target on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, August 29th. Finally, Truist Financial lifted their price target on Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a research note on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $81.69.

Institutional Trading of Best Buy

A number of institutional investors have recently modified their holdings of BBY. Vanguard Group Inc. boosted its position in Best Buy by 1.8% during the second quarter. Vanguard Group Inc. now owns 23,395,055 shares of the technology retailer’s stock worth $1,570,510,000 after purchasing an additional 419,312 shares in the last quarter. State Street Corp boosted its position in Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after purchasing an additional 496,215 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock worth $472,495,000 after purchasing an additional 69,533 shares in the last quarter. Invesco Ltd. boosted its position in Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after purchasing an additional 621,863 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Best Buy by 39.5% during the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after purchasing an additional 991,141 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Company Profile

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.