Best Buy (NYSE:BBY) Stock Price Down 0.5% After Insider Selling

Shares of Best Buy Co., Inc. (NYSE:BBY) traded down 0.5% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $87.82 and last traded at $87.95. 399,669 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 3,072,625 shares. The stock had previously closed at $88.40.

Specifically, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and set a $114.00 price objective (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. DA Davidson restated a “buy” rating and set a $117.00 price objective on shares of Best Buy in a research report on Tuesday, October 15th. Wells Fargo & Company decreased their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 27th. Finally, BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Best Buy Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $18.73 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. The company’s 50 day moving average price is $91.54 and its 200 day moving average price is $90.41.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same period in the prior year, the business earned $1.29 EPS. The business’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Tuesday, December 17th. Best Buy’s dividend payout ratio is currently 64.27%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its holdings in Best Buy by 4.0% in the second quarter. Assenagon Asset Management S.A. now owns 13,470 shares of the technology retailer’s stock valued at $1,135,000 after buying an additional 516 shares during the last quarter. Blue Trust Inc. boosted its stake in Best Buy by 38.2% during the 2nd quarter. Blue Trust Inc. now owns 4,478 shares of the technology retailer’s stock worth $367,000 after purchasing an additional 1,238 shares during the period. Brookstone Capital Management acquired a new stake in Best Buy during the 2nd quarter worth approximately $809,000. Vaughan Nelson Investment Management L.P. acquired a new position in Best Buy in the 2nd quarter valued at $22,704,000. Finally, Continuum Advisory LLC boosted its holdings in Best Buy by 34.7% in the 2nd quarter. Continuum Advisory LLC now owns 578 shares of the technology retailer’s stock valued at $49,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.