Best Buy Co Inc (NYSE:BBY) major shareholder Richard M. Schulze sold 1,106,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $80.69, for a total value of $89,243,140.00. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
Richard M. Schulze also recently made the following trade(s):
- On Friday, November 29th, Richard M. Schulze sold 369,000 shares of Best Buy stock. The stock was sold at an average price of $80.97, for a total value of $29,877,930.00.
Shares of BBY stock traded down $1.44 during trading on Monday, reaching $79.20. 4,328,637 shares of the company’s stock were exchanged, compared to its average volume of 2,922,608. The company has a quick ratio of 0.27, a current ratio of 1.05 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $21.25 billion, a PE ratio of 14.89, a PEG ratio of 1.72 and a beta of 1.14. Best Buy Co Inc has a twelve month low of $47.72 and a twelve month high of $83.63. The firm’s fifty day moving average price is $73.72 and its 200-day moving average price is $69.71.
Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 26th. The technology retailer reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.10. Best Buy had a return on equity of 49.43% and a net margin of 3.54%. The business had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.71 billion. During the same period in the previous year, the firm earned $0.93 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, analysts anticipate that Best Buy Co Inc will post 5.92 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Monday, December 16th. Best Buy’s dividend payout ratio is 37.59%.
A number of equities research analysts have recently issued reports on the company. Piper Jaffray Companies upgraded Best Buy to a “buy” rating and upped their price objective for the stock from $86.00 to $97.00 in a research note on Wednesday, November 27th. Wolfe Research assumed coverage on Best Buy in a research note on Tuesday, October 8th. They set a “buy” rating and a $82.00 price objective on the stock. Barclays upgraded Best Buy to a “buy” rating and upped their price objective for the stock from $75.00 to $90.00 in a research note on Wednesday, November 27th. Royal Bank of Canada upgraded Best Buy to a “buy” rating and upped their price objective for the stock from $74.00 to $86.00 in a research note on Wednesday, November 27th. Finally, Morgan Stanley upped their price objective on Best Buy from $70.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 27th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $82.47.
Hedge funds and other institutional investors have recently modified their holdings of the business. First Hawaiian Bank grew its holdings in Best Buy by 12.6% in the 2nd quarter. First Hawaiian Bank now owns 7,084 shares of the technology retailer’s stock valued at $494,000 after buying an additional 792 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Best Buy by 15.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,251,427 shares of the technology retailer’s stock worth $87,262,000 after purchasing an additional 165,350 shares in the last quarter. Candriam Luxembourg S.C.A. grew its holdings in shares of Best Buy by 93.1% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 100,371 shares of the technology retailer’s stock worth $6,968,000 after purchasing an additional 48,389 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Best Buy by 4.4% during the 2nd quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock worth $1,267,648,000 after purchasing an additional 772,762 shares in the last quarter. Finally, Hammer Asset Management LLC acquired a new stake in shares of Best Buy during the 2nd quarter worth $1,388,000. 75.60% of the stock is currently owned by hedge funds and other institutional investors.
About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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