Best Buy Co., Inc. (NYSE:BBY) CEO Acquires $984,420.00 in Stock

Best Buy Co., Inc. (NYSE:BBY) CEO Corie S. Barry purchased 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the transaction, the chief executive officer now owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Best Buy Price Performance

NYSE:BBY opened at $71.56 on Friday. The firm’s fifty day moving average price is $84.40 and its two-hundred day moving average price is $89.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $15.30 billion, a P/E ratio of 12.23, a P/E/G 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 released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, beating 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 firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the prior year, the firm earned $2.72 EPS. Equities analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, March 25th. This is an increase from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a dividend yield of 5.31%. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Guggenheim dropped their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Loop Capital reaffirmed a “negative” rating on shares of Best Buy in a research report on Wednesday, March 5th. Morgan Stanley reduced their target price on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 5th. Finally, DA Davidson reduced their price objective on Best Buy from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $93.50.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently bought and sold shares of BBY. Pinnacle Financial Partners Inc acquired a new position in shares of Best Buy during the 4th quarter worth approximately $3,293,000. Klein Pavlis & Peasley Financial Inc. boosted its stake in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock valued at $2,265,000 after buying an additional 8,640 shares during the period. Alberta Investment Management Corp grew its position in Best Buy by 424.0% during the fourth quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after buying an additional 21,200 shares in the last quarter. Merit Financial Group LLC bought a new position in Best Buy during the 4th quarter worth $453,000. Finally, TCW Group Inc. raised its holdings in Best Buy by 26.7% in the 4th quarter. TCW Group Inc. now owns 401,098 shares of the technology retailer’s stock valued at $34,414,000 after acquiring an additional 84,505 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

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.