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 business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $688,867.30. Following the completion of the sale, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at $7,763,088.40. The trade was a 8.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Best Buy Trading Up 0.2 %

NYSE BBY traded up $0.16 during mid-day trading on Wednesday, reaching $74.78. 2,397,876 shares of the stock were exchanged, compared to its average volume of 3,091,733. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The stock has a market capitalization of $15.81 billion, a PE ratio of 12.78, a PEG ratio of 2.10 and a beta of 1.43. The business’s fifty day simple moving average is $83.01 and its 200 day simple moving average is $88.68. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates 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 prior year, the firm posted $2.72 EPS. On average, 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.08%. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent research reports. DA Davidson cut their target price on shares of Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Barclays dropped their price objective on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 9th. Wells Fargo & Company dropped their price target on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Guggenheim reduced their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Bank of America cut their target price on Best Buy from $80.00 to $75.00 and set an “underperform” 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 issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $93.50.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in shares of Best Buy during the 4th quarter valued at $514,483,000. Norges Bank purchased a new stake in shares of Best Buy in the fourth quarter worth about $178,015,000. Northern Trust Corp grew its stake in shares of Best Buy by 31.3% in the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer’s stock valued at $252,495,000 after buying an additional 701,287 shares in the last quarter. Invesco Ltd. boosted its holdings in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer’s stock worth $316,784,000 after acquiring an additional 629,180 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer’s stock valued at $95,661,000 after acquiring an additional 561,413 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.