Best Buy Co., Inc. (BBY) Major Shareholder Richard M. Schulze Sells 935,000 Shares of Stock

Best Buy Co., Inc. (NYSE:BBY) major shareholder Richard M. Schulze sold 935,000 shares of Best Buy stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $60.18, for a total transaction of $56,268,300.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $104,261,850. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Best Buy Co., Inc. (BBY) opened at $61.36 on Wednesday. The firm has a market cap of $18,285.02, a price-to-earnings ratio of 15.56, a P/E/G ratio of 1.30 and a beta of 1.40. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Best Buy Co., Inc. has a 1-year low of $41.67 and a 1-year high of $63.32.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. Best Buy’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 EPS. analysts expect that Best Buy Co., Inc. will post 4.03 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Thursday, December 7th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Wednesday, December 6th. Best Buy’s dividend payout ratio is currently 34.34%.

A number of equities research analysts have recently issued reports on BBY shares. Barclays reissued a “buy” rating and set a $65.00 price objective on shares of Best Buy in a research report on Monday, August 28th. Wedbush set a $32.00 price objective on shares of Best Buy and gave the company a “sell” rating in a research report on Wednesday, November 29th. KeyCorp reissued a “hold” rating on shares of Best Buy in a research report on Friday, November 10th. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research report on Tuesday, October 10th. Finally, Deutsche Bank set a $56.00 price objective on shares of Best Buy and gave the company a “hold” rating in a research report on Friday, November 17th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.81.

Institutional investors have recently modified their holdings of the stock. FNY Managed Accounts LLC boosted its holdings in Best Buy by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares during the period. Fieldpoint Private Securities LLC bought a new position in Best Buy in the 3rd quarter worth $139,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Best Buy by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after buying an additional 163 shares during the period. Smithfield Trust Co. purchased a new stake in Best Buy in the 3rd quarter worth $178,000. Finally, Keybank National Association OH purchased a new stake in Best Buy in the 2nd quarter worth $200,000. 86.50% of the stock is owned by institutional investors.

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About Best Buy

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Insider Buying and Selling by Quarter for Best Buy (NYSE:BBY)

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