Best Buy (NYSE:BBY) Stock Price Down 0.5% Following Insider Selling

Best Buy Co., Inc. (NYSE:BBY) fell 0.5% during trading on Friday after an insider sold shares in the company. The company traded as low as $87.82 and last traded at $87.95. 399,669 shares changed hands during trading, a decline of 87% from the average session volume of 3,072,625 shares. The stock had previously closed at $88.40.

Specifically, CFO Matthew M. Bilunas sold 69,166 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now owns 92,070 shares in the company, valued at approximately $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BBY. Truist Financial decreased their target price on Best Buy from $107.00 to $95.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Wells Fargo & Company dropped their target price on shares of Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 27th. Melius Research assumed coverage on shares of Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. Wedbush raised their price target on shares of Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Finally, Evercore ISI boosted their price objective on Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Down 0.9 %

The business has a 50 day simple moving average of $91.54 and a two-hundred day simple moving average of $90.41. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.73 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter last year, the firm earned $1.29 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Investors of record on Tuesday, December 17th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a yield of 4.29%. Best Buy’s payout ratio is 64.27%.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer’s stock worth $636,840,000 after acquiring an additional 241,988 shares during the period. Geode Capital Management LLC lifted its position in shares of Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Raymond James & Associates grew its position in shares of Best Buy by 1.8% in the 3rd quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer’s stock worth $355,374,000 after acquiring an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.