Insider Buying: Best Buy Co., Inc. (NYSE:BBY) CEO Purchases 13,500 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link.

Best Buy Stock Performance

BBY stock traded up $2.21 during trading on Monday, reaching $73.70. The stock had a trading volume of 4,191,930 shares, compared to its average volume of 2,986,556. The firm has a market cap of $15.76 billion, a PE ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The stock's 50 day moving average is $84.40 and its two-hundred day moving average is $89.95. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping the consensus estimate of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates 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 prior year, the business posted $2.72 EPS. As a group, equities analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

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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 given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 5.16%. This is an increase 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 presently 88.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BBY shares. UBS Group set a $105.00 price target on Best Buy in a research report on Wednesday, March 5th. Guggenheim dropped their target price on Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Citigroup lowered their price objective on shares of Best Buy from $105.00 to $93.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Finally, Loop Capital reaffirmed a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $93.50.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Principal Financial Group Inc. grew its holdings in Best Buy by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 247,510 shares of the technology retailer's stock valued at $25,568,000 after buying an additional 4,958 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Best Buy during the third quarter valued at $72,000. Venturi Wealth Management LLC increased its holdings in Best Buy by 3.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 6,075 shares of the technology retailer's stock valued at $628,000 after acquiring an additional 226 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in Best Buy by 6.0% in the 3rd quarter. Apollon Wealth Management LLC now owns 4,913 shares of the technology retailer's stock worth $507,000 after purchasing an additional 279 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Best Buy during the 3rd quarter valued at about $2,041,000. Hedge funds and other institutional investors own 80.96% of the company's stock.

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.