Insider Selling: Best Buy Co., Inc. (NYSE:BBY) CFO Sells $6,049,258.36 in Stock

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Best Buy Price Performance

Shares of BBY opened at $87.60 on Monday. The firm has a fifty day moving average price of $91.54 and a 200 day moving average price of $90.54. The stock has a market cap of $18.73 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. Best Buy Co., Inc. has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. During the same period in the previous year, the firm earned $1.29 earnings per share. The business’s revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

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 paid a $0.94 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.29%. Best Buy’s dividend payout ratio is currently 64.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BBY. Wedbush boosted their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. The Goldman Sachs Group lifted their price objective on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Loop Capital decreased their target price on Best Buy from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Guggenheim dropped their target price on Best Buy from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, November 29th. Finally, Citigroup reduced their price target on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Institutional Trading of Best Buy

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after purchasing an additional 241,988 shares during the period. Geode Capital Management LLC increased its holdings in Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock valued at $499,954,000 after buying an additional 120,185 shares in the last quarter. Raymond James & Associates increased its holdings in Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock valued at $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after acquiring an additional 235,478 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

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.