Best Buy Co., Inc. (BBY) Major Shareholder Richard M. Schulze Sells 475,000 Shares of Stock
Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 475,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $62.68, for a total value of $29,773,000.00. Following the sale, the insider now owns 1,732,500 shares in the company, valued at $108,593,100. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Best Buy Co., Inc. (NYSE:BBY) traded up $2.30 during trading on Friday, reaching $63.79. The company had a trading volume of 4,330,208 shares, compared to its average volume of 4,706,273. The firm has a market cap of $17,975.16, a P/E ratio of 15.30, a PEG ratio of 1.28 and a beta of 1.40. Best Buy Co., Inc. has a twelve month low of $41.67 and a twelve month high of $64.12. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The business had revenue of $9.32 billion for the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 EPS. equities research analysts predict that Best Buy Co., Inc. will post 4.03 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.13%. The ex-dividend date is Wednesday, December 6th. Best Buy’s payout ratio is presently 34.34%.
A number of equities research analysts recently commented on BBY shares. BidaskClub upgraded Best Buy from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research report on Tuesday, October 10th. Jefferies Group restated a “hold” rating and set a $60.00 price target on shares of Best Buy in a research report on Monday, November 13th. They noted that the move was a valuation call. Loop Capital reiterated a “buy” rating and issued a $72.00 price objective on shares of Best Buy in a research report on Thursday, August 31st. Finally, Wedbush set a $33.00 price objective on Best Buy and gave the company a “sell” rating in a research report on Monday, November 13th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $58.81.
A number of institutional investors have recently modified their holdings of BBY. FNY Managed Accounts LLC raised its stake in Best Buy by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares during the period. Fieldpoint Private Securities LLC bought a new position in Best Buy during the 3rd quarter worth about $139,000. Northwestern Mutual Wealth Management Co. increased its holdings in Best Buy by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after purchasing an additional 163 shares in the last quarter. Smithfield Trust Co. bought a new position in Best Buy during the 3rd quarter worth about $178,000. Finally, Keybank National Association OH bought a new position in Best Buy during the 2nd quarter worth about $200,000. 86.50% of the stock is currently owned by institutional investors and hedge funds.
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About Best Buy
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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