Hubert Joly Sells 171,711 Shares of Best Buy Co Inc (BBY) Stock

Best Buy Co Inc (NYSE:BBY) CEO Hubert Joly sold 171,711 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $73.68, for a total transaction of $12,651,666.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Hubert Joly also recently made the following trade(s):

  • On Friday, March 15th, Hubert Joly sold 139,133 shares of Best Buy stock. The stock was sold at an average price of $68.53, for a total transaction of $9,534,784.49.

NYSE:BBY opened at $73.64 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.46 and a current ratio of 1.18. Best Buy Co Inc has a fifty-two week low of $47.72 and a fifty-two week high of $84.37. The firm has a market cap of $19.72 billion, a PE ratio of 13.84, a P/E/G ratio of 1.44 and a beta of 0.94.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.57 by $0.15. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The business had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $14.69 billion. During the same period in the prior year, the company posted $2.42 EPS. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, equities research analysts expect that Best Buy Co Inc will post 5.63 earnings per share for the current fiscal year.

Best Buy declared that its board has authorized a share buyback program on Wednesday, February 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, March 19th. This is a boost from Best Buy’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.72%. Best Buy’s dividend payout ratio is 37.59%.

Several research firms recently commented on BBY. Oppenheimer downgraded shares of Best Buy from a “buy” rating to a “market perform” rating in a research report on Monday, March 25th. ValuEngine upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research report on Monday, March 11th. Evercore ISI began coverage on shares of Best Buy in a research report on Wednesday, March 20th. They issued an “in-line” rating and a $75.00 price target for the company. Citigroup upped their price target on shares of Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Finally, Wells Fargo & Co upgraded shares of Best Buy to a “buy” rating in a research report on Thursday, February 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $76.82.

Large investors have recently bought and sold shares of the company. Signet Investment Advisory Group Inc. acquired a new stake in Best Buy in the 4th quarter valued at about $31,000. Larson Financial Group LLC acquired a new stake in Best Buy in the 4th quarter valued at about $33,000. Semmax Financial Advisors Inc. acquired a new stake in Best Buy in the 4th quarter valued at about $33,000. PRW Wealth Management LLC acquired a new stake in Best Buy in the 4th quarter valued at about $33,000. Finally, Pearl River Capital LLC acquired a new stake in Best Buy in the 4th quarter valued at about $34,000. 84.10% of the stock is currently owned by institutional investors and hedge funds.

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About Best Buy

Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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Insider Buying and Selling by Quarter for Best Buy (NYSE:BBY)

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