Corie S. Barry Sells 28,042 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBYGet Free Report) CEO Corie S. Barry sold 28,042 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total value of $2,293,835.60. Following the transaction, the chief executive officer now owns 429,159 shares of the company’s stock, valued at approximately $35,105,206.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Best Buy Stock Down 1.2 %

Shares of Best Buy stock opened at $80.72 on Tuesday. The company has a quick ratio of 0.37, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $86.11. The business has a fifty day simple moving average of $75.71 and a 200 day simple moving average of $72.74. The stock has a market cap of $17.39 billion, a PE ratio of 14.19, a price-to-earnings-growth ratio of 2.13 and a beta of 1.49.

Best Buy (NYSE:BBYGet Free Report) last announced its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.21. Best Buy had a return on equity of 48.45% and a net margin of 2.86%. The business had revenue of $14.65 billion during the quarter, compared to analysts’ expectations of $14.58 billion. During the same period in the previous year, the firm earned $2.61 earnings per share. The firm’s quarterly revenue was down .6% compared to the same quarter last year. Research analysts predict that Best Buy Co., Inc. will post 6.03 EPS for the current year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 21st will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This is a boost from Best Buy’s previous quarterly dividend of $0.92. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.66%. Best Buy’s payout ratio is 66.08%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirabella Financial Services LLP bought a new position in Best Buy during the third quarter worth about $831,000. Van ECK Associates Corp raised its holdings in Best Buy by 35.6% during the third quarter. Van ECK Associates Corp now owns 94,282 shares of the technology retailer’s stock worth $6,550,000 after acquiring an additional 24,763 shares in the last quarter. Dai ichi Life Insurance Company Ltd raised its holdings in Best Buy by 1,405.3% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 214,232 shares of the technology retailer’s stock worth $14,883,000 after acquiring an additional 200,000 shares in the last quarter. Banco Santander S.A. bought a new stake in Best Buy during the third quarter worth about $3,885,000. Finally, Klein Pavlis & Peasley Financial Inc. bought a new stake in Best Buy during the fourth quarter worth about $1,589,000. 80.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upgraded Best Buy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $89.00 to $101.00 in a research report on Friday. Truist Financial raised their target price on Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Barclays lifted their price objective on Best Buy from $69.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, UBS Group lifted their price objective on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $84.27.

View Our Latest Stock Report on BBY

Best Buy Company Profile

(Get Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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