Best Buy Co., Inc. (NYSE:BBY – Get Rating) EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the completion of the sale, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Best Buy Price Performance
BBY stock traded down $0.94 during mid-day trading on Wednesday, reaching $69.98. The company’s stock had a trading volume of 1,801,219 shares, compared to its average volume of 3,201,331. The stock has a market cap of $15.75 billion, a PE ratio of 9.51, a P/E/G ratio of 0.68 and a beta of 1.50. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 0.41. Best Buy Co., Inc. has a fifty-two week low of $64.29 and a fifty-two week high of $141.97. The company’s 50 day moving average is $75.79 and its two-hundred day moving average is $82.02.
Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings data on Tuesday, August 30th. The technology retailer reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.27. The company had revenue of $10.33 billion during the quarter, compared to the consensus estimate of $10.25 billion. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. Best Buy’s quarterly revenue was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.98 EPS. Equities research analysts expect that Best Buy Co., Inc. will post 6.17 EPS for the current year.
Best Buy Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be issued a $0.88 dividend. The ex-dividend date is Monday, September 19th. This represents a $3.52 dividend on an annualized basis and a yield of 5.03%. Best Buy’s payout ratio is 47.18%.
Wall Street Analyst Weigh In
Several research firms have commented on BBY. Wells Fargo & Company lowered their price target on shares of Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and lowered their target price for the stock from $106.00 to $71.00 in a research note on Thursday, July 28th. Morgan Stanley lowered their target price on shares of Best Buy from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 31st. Telsey Advisory Group lowered their target price on shares of Best Buy from $88.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Finally, StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $86.13.
Institutional Trading of Best Buy
A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Price T Rowe Associates Inc. MD increased its holdings in shares of Best Buy by 1,434.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock worth $315,901,000 after buying an additional 4,530,018 shares during the last quarter. Norges Bank purchased a new position in shares of Best Buy during the 4th quarter worth approximately $251,898,000. Renaissance Technologies LLC purchased a new position in shares of Best Buy during the 2nd quarter worth approximately $116,725,000. Capital World Investors purchased a new position in shares of Best Buy during the 1st quarter worth approximately $99,081,000. Finally, Deutsche Bank AG boosted its position in shares of Best Buy by 46.5% during the 2nd quarter. Deutsche Bank AG now owns 1,621,004 shares of the technology retailer’s stock worth $105,674,000 after purchasing an additional 514,856 shares during the period. Institutional investors and hedge funds own 79.86% of the company’s stock.
Best Buy Company Profile
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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