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

Best Buy Co., Inc. (NYSE:BBY) insider Todd G. Hartman sold 4,893 shares of the company’s stock in a transaction dated 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 directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Price Performance

Shares of NYSE BBY opened at $72.28 on Friday. The company’s fifty day moving average is $82.51 and its two-hundred day moving average is $88.31. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The firm has a market capitalization of $15.28 billion, a P/E ratio of 12.36, a PEG ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the prior year, the business posted $2.72 earnings per share. Analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be paid a $0.95 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is presently 88.99%.

Institutional Trading of Best Buy

A number of institutional investors have recently bought and sold shares of BBY. Citigroup Inc. raised its stake in shares of Best Buy by 4.1% during the 3rd quarter. Citigroup Inc. now owns 320,816 shares of the technology retailer’s stock worth $33,140,000 after buying an additional 12,694 shares during the last quarter. Cerity Partners LLC grew its stake in Best Buy by 31.9% in the 3rd quarter. Cerity Partners LLC now owns 165,627 shares of the technology retailer’s stock valued at $17,109,000 after acquiring an additional 40,076 shares during the last quarter. Larson Financial Group LLC increased its holdings in Best Buy by 54.1% during the 3rd quarter. Larson Financial Group LLC now owns 5,463 shares of the technology retailer’s stock valued at $564,000 after acquiring an additional 1,918 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Best Buy by 16.6% during the third quarter. Daiwa Securities Group Inc. now owns 24,720 shares of the technology retailer’s stock worth $2,554,000 after acquiring an additional 3,511 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Best Buy by 5.1% in the third quarter. The Manufacturers Life Insurance Company now owns 152,985 shares of the technology retailer’s stock valued at $15,803,000 after purchasing an additional 7,430 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Loop Capital reissued a “negative” rating on shares of Best Buy in a report on Wednesday, March 5th. Piper Sandler decreased their price target on shares of Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley dropped their price objective on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Telsey Advisory Group dropped their price target on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $93.50.

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.