Best Buy Co., Inc. (NYSE:BBY) Insider Sells $355,476.45 in Stock

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the sale, the insider now owns 32,320 shares in the company, valued at approximately $2,348,048. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Best Buy Trading Down 3.5 %

NYSE:BBY traded down $2.59 on Friday, hitting $72.28. 2,547,536 shares of the stock were exchanged, compared to its average volume of 3,050,896. The stock has a market capitalization of $15.28 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 2.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52 week low of $69.29 and a 52 week high of $103.71. The company's 50-day moving average price is $82.51 and its 200 day moving average price is $88.25.

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

Remove Ads

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th will be given a $0.95 dividend. This is a positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.26%. The ex-dividend date is Tuesday, March 25th. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Analyst Upgrades and Downgrades

BBY has been the topic of several analyst reports. Jefferies Financial Group lowered their target price on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Piper Sandler dropped their price objective on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Evercore ISI cut their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research note on Wednesday, March 5th. Guggenheim decreased their price target on Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Citigroup cut their price objective 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. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $93.50.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently made changes to their positions in BBY. Rakuten Securities Inc. boosted its holdings in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Best Buy in the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in Best Buy during the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its holdings in Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares during the period. Finally, Ancora Advisors LLC increased its stake in Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 374 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.