Kathleen Scarlett Sells 6,847 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) EVP Kathleen Scarlett sold 6,847 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $497,434.55. Following the completion of the transaction, the executive vice president now directly owns 87,389 shares in the company, valued at approximately $6,348,810.85. This represents a 7.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Best Buy Stock Performance

Shares of BBY opened at $74.89 on Friday. Best Buy Co., Inc. has a 12 month low of $69.29 and a 12 month high of $103.71. The business’s fifty day simple moving average is $82.70 and its two-hundred day simple moving average is $88.48. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.83 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 2.10 and a beta of 1.43.

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

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.07%. Best Buy’s dividend payout ratio is 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. lifted its holdings in shares of Best Buy by 4.1% during the 3rd quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock valued at $33,140,000 after buying an additional 12,694 shares during the period. Cerity Partners LLC increased its position in Best Buy by 31.9% during the third quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer’s stock valued at $17,109,000 after acquiring an additional 40,076 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Best Buy by 54.1% in the third quarter. Larson Financial Group LLC now owns 5,463 shares of the technology retailer’s stock valued at $564,000 after acquiring an additional 1,918 shares during the period. Daiwa Securities Group Inc. boosted its position in Best Buy by 16.6% in the third quarter. Daiwa Securities Group Inc. now owns 24,720 shares of the technology retailer’s stock worth $2,554,000 after purchasing an additional 3,511 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake 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 purchasing an additional 7,430 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Analysts Set New Price Targets

BBY has been the subject of several research analyst reports. Wells Fargo & Company lowered their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Citigroup decreased their price objective on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Finally, Evercore ISI decreased their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” 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 assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $93.50.

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.