Best Buy Co Inc (NYSE:BBY) Major Shareholder Sells $29,877,930.00 in Stock

Best Buy Co Inc (NYSE:BBY) major shareholder Richard M. Schulze sold 369,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $80.97, for a total value of $29,877,930.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Richard M. Schulze also recently made the following trade(s):

  • On Wednesday, November 27th, Richard M. Schulze sold 1,106,000 shares of Best Buy stock. The stock was sold at an average price of $80.69, for a total transaction of $89,243,140.00.

BBY stock opened at $79.18 on Thursday. The firm has a 50 day moving average price of $74.79 and a 200-day moving average price of $69.98. Best Buy Co Inc has a 52-week low of $47.72 and a 52-week high of $83.63. The firm has a market capitalization of $21.25 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.72 and a beta of 1.14. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.27 and a current ratio of 1.05.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.10. Best Buy had a net margin of 3.54% and a return on equity of 49.43%. The firm had revenue of $9.76 billion during the quarter, compared to analyst estimates of $9.71 billion. During the same period last year, the business earned $0.93 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy Co Inc will post 5.92 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 2.53%. Best Buy’s payout ratio is 37.59%.

Several hedge funds have recently added to or reduced their stakes in the company. Voloridge Investment Management LLC lifted its holdings in shares of Best Buy by 47.0% during the third quarter. Voloridge Investment Management LLC now owns 38,614 shares of the technology retailer’s stock valued at $2,664,000 after purchasing an additional 12,345 shares during the last quarter. IHT Wealth Management LLC lifted its holdings in shares of Best Buy by 4.9% during the third quarter. IHT Wealth Management LLC now owns 11,153 shares of the technology retailer’s stock valued at $769,000 after purchasing an additional 520 shares during the last quarter. National Pension Service raised its holdings in Best Buy by 5.4% in the 3rd quarter. National Pension Service now owns 357,550 shares of the technology retailer’s stock worth $24,667,000 after acquiring an additional 18,198 shares during the last quarter. Bluefin Trading LLC purchased a new position in Best Buy in the 3rd quarter worth approximately $214,000. Finally, Penserra Capital Management LLC raised its holdings in Best Buy by 8.3% in the 3rd quarter. Penserra Capital Management LLC now owns 2,160 shares of the technology retailer’s stock worth $148,000 after acquiring an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 75.60% of the company’s stock.

Several analysts have commented on BBY shares. Nomura raised their price objective on shares of Best Buy from $73.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. Zacks Investment Research lowered shares of Best Buy from a “hold” rating to a “sell” rating and set a $79.00 price objective for the company. in a report on Thursday, November 7th. Raymond James restated a “buy” rating and issued a $100.00 price objective on shares of Best Buy in a report on Wednesday, November 27th. Guggenheim upgraded shares of Best Buy to a “buy” rating and raised their price objective for the stock from $80.00 to $90.00 in a report on Wednesday, November 27th. Finally, Bank of America set a $75.00 price objective on shares of Best Buy and gave the stock a “hold” rating in a report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $82.47.

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.

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Insider Buying and Selling by Quarter for Best Buy (NYSE:BBY)

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