Insider Selling: Best Buy Co., Inc. (NYSE:BBY) CFO Sells $675,504.40 in Stock

Best Buy Co., Inc. (NYSE:BBY) CFO Matthew M. Bilunas sold 8,258 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $675,504.40. Following the transaction, the chief financial officer now owns 90,694 shares of the company’s stock, valued at $7,418,769.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Stock Up 2.2 %

Shares of Best Buy stock opened at $81.85 on Thursday. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $86.11. The company has a 50 day moving average of $76.01 and a 200 day moving average of $72.85. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $17.63 billion, a P/E ratio of 14.38, a P/E/G ratio of 2.11 and a beta of 1.49.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company had revenue of $14.65 billion for the quarter, compared to analysts’ expectations of $14.58 billion. During the same quarter last year, the company earned $2.61 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 21st will be issued a dividend of $0.94 per share. The ex-dividend date is Wednesday, March 20th. This represents a $3.76 dividend on an annualized basis and a yield of 4.59%. This is a boost from Best Buy’s previous quarterly dividend of $0.92. Best Buy’s dividend payout ratio (DPR) is presently 66.08%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BBY. Truist Financial upped their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. UBS Group increased their target price on shares of Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Morgan Stanley increased their target price on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Best Buy from a “neutral” rating to an “overweight” rating and increased their target price for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. Finally, Telsey Advisory Group upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and increased their target price for the company from $85.00 to $95.00 in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.27.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Best Buy by 549.1% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock valued at $25,000 after acquiring an additional 302 shares during the period. Bfsg LLC acquired a new position in shares of Best Buy in the 4th quarter valued at $25,000. Naples Money Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at $27,000. Access Investment Management LLC acquired a new position in shares of Best Buy in the 4th quarter valued at $27,000. Finally, Stonebridge Capital Advisors LLC increased its holdings in shares of Best Buy by 81.9% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 411 shares of the technology retailer’s stock valued at $29,000 after acquiring an additional 185 shares during the period. 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 and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.