Best Buy Co., Inc. (NYSE:BBY) CEO Purchases $984,420.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) CEO Corie S. Barry bought 13,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $72.92 per share, with a total value of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Best Buy Stock Performance

NYSE:BBY opened at $71.56 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The stock’s fifty day moving average is $84.40 and its 200 day moving average is $89.93. The firm has a market capitalization of $15.30 billion, a PE ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the company earned $2.72 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 5.31%. The ex-dividend date is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BBY shares. Morgan Stanley lowered their price objective on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Citigroup cut their price objective on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Truist Financial cut their target price on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Hold” and an average price target of $93.50.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc increased its stake in Best Buy by 5.2% in the 4th quarter. IFP Advisors Inc now owns 2,538 shares of the technology retailer’s stock worth $218,000 after buying an additional 125 shares during the period. Mariner LLC increased its position in shares of Best Buy by 0.3% during the fourth quarter. Mariner LLC now owns 43,215 shares of the technology retailer’s stock worth $3,708,000 after acquiring an additional 129 shares during the period. LRI Investments LLC raised its stake in shares of Best Buy by 36.3% during the fourth quarter. LRI Investments LLC now owns 529 shares of the technology retailer’s stock valued at $45,000 after acquiring an additional 141 shares in the last quarter. Rothschild Investment LLC boosted its holdings in shares of Best Buy by 19.7% in the fourth quarter. Rothschild Investment LLC now owns 861 shares of the technology retailer’s stock valued at $74,000 after purchasing an additional 142 shares during the period. Finally, Independent Advisor Alliance increased its holdings in Best Buy by 5.0% during the 4th quarter. Independent Advisor Alliance now owns 3,002 shares of the technology retailer’s stock worth $258,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.