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 that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $688,867.30. Following the sale, the chief financial officer now directly owns 106,856 shares of the company’s stock, valued at $7,763,088.40. This trade represents a 8.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Best Buy Stock Down 3.5 %

BBY stock opened at $72.28 on Friday. The business’s 50-day moving average price is $82.51 and its 200-day moving average price is $88.31. The stock has a market cap of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. 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 (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion during 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 business posted $2.72 earnings per share. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is presently 88.99%.

Hedge Funds Weigh In On Best Buy

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

Analysts Set New Price Targets

A number of research firms have commented on BBY. Evercore ISI reduced their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a report on Wednesday, March 5th. Wedbush reissued a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Morgan Stanley lowered their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Citigroup reduced their price target on shares of Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Truist Financial lowered their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a research report 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently 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.