Jason J. Bonfig Sells 3,500 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Best Buy Trading Up 0.5 %

BBY stock opened at $86.01 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $62.30 and a 12-month high of $93.72. The stock has a market cap of $18.55 billion, a price-to-earnings ratio of 15.06, a PEG ratio of 2.76 and a beta of 1.48. The business’s 50-day moving average is $81.48 and its 200 day moving average is $78.19.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, May 30th. The technology retailer reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.12. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.96 billion. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 EPS. On average, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.11 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 20th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 4.37%. The ex-dividend date was Thursday, June 20th. Best Buy’s dividend payout ratio is currently 65.85%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BBY. Bfsg LLC acquired a new position in shares of Best Buy during the 4th quarter worth approximately $25,000. Rise Advisors LLC lifted its holdings in Best Buy by 69.5% in the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock valued at $26,000 after acquiring an additional 132 shares during the last quarter. Naples Money Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $27,000. Access Investment Management LLC acquired a new position in Best Buy in the fourth quarter valued at approximately $27,000. Finally, Palisade Asset Management LLC acquired a new position in Best Buy in the first quarter valued at approximately $27,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent research reports. DA Davidson lifted their price objective on Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Truist Financial reiterated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a research note on Monday, July 1st. UBS Group upgraded Best Buy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $106.00 in a research note on Monday, June 17th. Citigroup upgraded Best Buy from a “sell” rating to a “buy” rating and lifted their price objective for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Finally, Evercore ISI lifted their price target on Best Buy from $80.00 to $90.00 and gave the company an “in-line” rating in a research note on Friday, May 31st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.87.

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.