Best Buy Co., Inc. (NYSE:BBY) EVP Kathleen Scarlett Sells 6,847 Shares

Best Buy Co., Inc. (NYSE:BBY) EVP Kathleen Scarlett sold 6,847 shares of the 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 $497,434.55. Following the sale, the executive vice president now owns 87,389 shares in the company, valued at approximately $6,348,810.85. The trade was a 7.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Best Buy Price Performance

NYSE BBY opened at $72.28 on Friday. The business’s fifty day moving average is $82.51 and its 200 day moving average is $88.31. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The company has a market capitalization of $15.28 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same period in the previous year, the firm earned $2.72 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BBY. Citigroup Inc. raised its holdings in Best Buy by 4.1% during the third quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock valued at $33,140,000 after acquiring an additional 12,694 shares during the period. Cerity Partners LLC grew 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 purchasing an additional 40,076 shares in the last quarter. Larson Financial Group LLC raised its stake in Best Buy by 54.1% during the 3rd quarter. Larson Financial Group LLC now owns 5,463 shares of the technology retailer’s stock valued at $564,000 after purchasing an additional 1,918 shares during the period. Daiwa Securities Group Inc. lifted 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 worth $2,554,000 after purchasing an additional 3,511 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted 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 during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their price objective on Best Buy from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Citigroup decreased their target price on Best Buy from $105.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Truist Financial dropped their price target on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, March 5th. Finally, UBS Group set a $105.00 price objective on shares of Best Buy in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have issued 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.

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.