Insider Selling: Best Buy Co., Inc. (NYSE:BBY) CFO Sells 51,000 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) CFO Matthew M. Bilunas sold 51,000 shares of Best Buy stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Best Buy Price Performance

BBY traded down $2.59 during trading on Friday, reaching $72.28. The company's stock had a trading volume of 2,547,536 shares, compared to its average volume of 3,050,896. The company has a market cap of $15.28 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. The firm has a fifty day simple moving average of $82.51 and a two-hundred day simple moving average of $88.25. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the business posted $2.72 EPS. As a group, analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

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Best Buy Increases Dividend

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

Wall Street Analyst Weigh In

BBY has been the subject of a number of recent research reports. Evercore ISI reduced their price target on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group reduced their price objective on Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Telsey Advisory Group reduced their price target on Best Buy from $110.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. Finally, Truist Financial lowered their price objective on Best Buy from $95.00 to $81.00 and set a "hold" rating on the stock in a research report on Wednesday, March 5th. Two equities 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 issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $93.50.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently bought and sold shares of BBY. Vanguard Group Inc. grew its holdings in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock valued at $562,880,000 after buying an additional 395,415 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Best Buy in the fourth quarter worth $514,483,000. Geode Capital Management LLC increased its position in shares of Best Buy by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after acquiring an additional 239,840 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after acquiring an additional 459,353 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

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.