Best Buy Co., Inc. (BBY) Major Shareholder Sells $58,800,000.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total value of $58,800,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Best Buy Co., Inc. (NYSE:BBY) opened at $60.35 on Monday. Best Buy Co., Inc. has a 52-week low of $41.67 and a 52-week high of $63.32. The stock has a market capitalization of $18,055.81, a P/E ratio of 15.01, a PEG ratio of 1.25 and a beta of 1.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion during the quarter, compared to analyst estimates of $9.36 billion. During the same quarter in the prior year, the company earned $0.60 EPS. The business’s revenue was up 4.2% compared to the same quarter last year. research analysts expect that Best Buy Co., Inc. will post 4.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be paid a $0.34 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 annualized dividend and a dividend yield of 2.25%. Best Buy’s payout ratio is currently 34.34%.

BBY has been the subject of a number of recent analyst reports. Loop Capital reaffirmed a “buy” rating and set a $72.00 price target on shares of Best Buy in a research report on Wednesday, August 16th. Royal Bank Of Canada upped their price target on Best Buy from $60.00 to $61.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 30th. Oppenheimer reaffirmed a “hold” rating on shares of Best Buy in a research report on Tuesday, August 29th. Deutsche Bank reaffirmed a “buy” rating and set a $58.00 price target (down previously from $60.00) on shares of Best Buy in a research report on Thursday, August 31st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $70.00 price target on shares of Best Buy in a research report on Wednesday, August 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Best Buy presently has an average rating of “Buy” and an average price target of $58.81.

Several institutional investors have recently bought and sold shares of BBY. Huntington National Bank grew its stake in shares of Best Buy by 18.4% in the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after buying an additional 318 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Best Buy in the 2nd quarter worth approximately $219,000. IBM Retirement Fund grew its stake in shares of Best Buy by 26.9% in the 2nd quarter. IBM Retirement Fund now owns 3,918 shares of the technology retailer’s stock worth $225,000 after buying an additional 830 shares during the last quarter. Harbour Capital Advisors LLC grew its stake in shares of Best Buy by 5,633.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 171,990 shares of the technology retailer’s stock worth $3,000,000 after buying an additional 168,990 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Best Buy by 6.4% in the 2nd quarter. Janney Montgomery Scott LLC now owns 18,275 shares of the technology retailer’s stock worth $1,048,000 after buying an additional 1,102 shares during the last quarter. Institutional investors own 86.44% of the company’s stock.

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About Best Buy

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

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