Investors Sell Best Buy (BBY) on Strength on Insider Selling

Investors sold shares of Best Buy Co., Inc. (NYSE:BBY) on strength during trading on Monday following insider selling activity. $61.51 million flowed into the stock on the tick-up and $98.34 million flowed out of the stock on the tick-down, for a money net flow of $36.83 million out of the stock. Of all companies tracked, Best Buy had the 0th highest net out-flow for the day. Best Buy traded up $2.20 for the day and closed at $62.55Specifically, General Counsel Keith J. Nelsen sold 44,235 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the transaction, the general counsel now directly owns 107,503 shares in the company, valued at approximately $6,104,020.34. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Richard M. Schulze sold 1,000,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $58.80, for a total transaction of $58,800,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,098,184 shares of company stock worth $64,306,062. 0.84% of the stock is owned by insiders.

Several brokerages have recently weighed in on BBY. Wedbush set a $32.00 price objective on shares of Best Buy and gave the stock a “sell” rating in a report on Wednesday, November 29th. Jefferies Group reiterated a “hold” rating and set a $60.00 price objective on shares of Best Buy in a report on Wednesday, August 9th. Moffett Nathanson began coverage on shares of Best Buy in a report on Monday. They set a “sell” rating on the stock. Loop Capital reiterated a “buy” rating and set a $72.00 price objective on shares of Best Buy in a report on Wednesday, August 16th. Finally, Oppenheimer reiterated a “hold” rating on shares of Best Buy in a report on Wednesday, September 20th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Best Buy presently has an average rating of “Hold” and a consensus price target of $58.81.

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.25. The stock has a market cap of $18,710.00, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.25 and a beta of 1.40.

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

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be issued a $0.34 dividend. The ex-dividend date is Wednesday, December 6th. This represents a $1.36 annualized dividend and a yield of 2.17%. Best Buy’s payout ratio is 34.43%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB grew its position in Best Buy by 0.3% in the second quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock valued at $860,000 after acquiring an additional 48 shares in the last quarter. Advisor Group Inc. grew its position in Best Buy by 1.2% in the second quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock valued at $265,000 after acquiring an additional 55 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Best Buy by 6.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after acquiring an additional 163 shares in the last quarter. Thrivent Financial For Lutherans grew its position in Best Buy by 1.7% in the second quarter. Thrivent Financial For Lutherans now owns 10,055 shares of the technology retailer’s stock valued at $576,000 after acquiring an additional 170 shares in the last quarter. Finally, Financial Advisors Network Inc. grew its position in Best Buy by 2.3% in the second quarter. Financial Advisors Network Inc. now owns 7,550 shares of the technology retailer’s stock valued at $433,000 after acquiring an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 86.50% of the company’s stock.

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Best Buy Company Profile

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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