Best Buy Co., Inc. (NYSE:BBY) CFO Sells $688,867.30 in Stock

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew M. Bilunas sold 9,482 shares of the firm’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $688,867.30. Following the completion of the transaction, the chief financial officer now owns 106,856 shares of the company’s stock, valued at approximately $7,763,088.40. The trade was a 8.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Best Buy Stock Up 0.2 %

Shares of NYSE BBY opened at $74.78 on Thursday. The firm has a market cap of $15.81 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43. The company’s 50-day simple moving average is $82.84 and its 200-day simple moving average is $88.58. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 52-week low of $69.29 and a 52-week high of $103.71.

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

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.08%. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Institutional Investors Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Citigroup Inc. grew its position in shares of Best Buy by 4.1% in the third quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock valued at $33,140,000 after purchasing an additional 12,694 shares in the last quarter. Cerity Partners LLC grew its holdings in Best Buy by 31.9% in the 3rd quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer’s stock valued at $17,109,000 after buying an additional 40,076 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Best Buy by 54.1% in the 3rd quarter. Larson Financial Group LLC now owns 5,463 shares of the technology retailer’s stock worth $564,000 after acquiring an additional 1,918 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Best Buy by 16.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 24,720 shares of the technology retailer’s stock worth $2,554,000 after acquiring an additional 3,511 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Best Buy by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock valued at $15,803,000 after acquiring an additional 7,430 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Telsey Advisory Group cut their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Evercore ISI decreased their target price on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Finally, Truist Financial reduced their price objective on 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 investment 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $93.50.

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.