Best Buy (NYSE:BBY) Shares Down 0.5% on Insider Selling

Best Buy Co., Inc. (NYSE:BBY) traded down 0.5% during trading on Friday after an insider sold shares in the company. The stock traded as low as $87.82 and last traded at $87.95. 399,669 shares were traded during mid-day 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 firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the sale, the chief financial officer now owns 92,070 shares of the company’s stock, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

A number of research firms have commented on BBY. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Piper Sandler reiterated an “overweight” rating and issued a $114.00 target price (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Citigroup dropped their target price on shares of Best Buy from $109.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. BNP Paribas upgraded shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have given 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Best Buy Trading Down 0.9 %

The company’s 50-day moving average is $91.54 and its 200 day moving average is $90.41. The company has a market cap of $18.73 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 2.19 and a beta of 1.44. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share 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 in the prior year, the firm earned $1.29 EPS. Best Buy’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Dividend Announcement

The business 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. This represents a $3.76 annualized dividend and a yield of 4.29%. The ex-dividend date is Tuesday, December 17th. Best Buy’s payout ratio is presently 64.27%.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Park Avenue Securities LLC raised its position in shares of Best Buy by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust lifted its position in shares of Best Buy by 1.2% in the third quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock valued at $977,000 after acquiring an additional 108 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in shares of Best Buy by 4.6% in the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock worth $276,000 after acquiring an additional 118 shares during the last quarter. Tobam increased its position in shares of Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after purchasing an additional 121 shares in the last quarter. Finally, Hoxton Planning & Management LLC raised its stake in Best Buy by 3.7% in the 3rd quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock valued at $360,000 after purchasing an additional 124 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other 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.