Mathew Watson Sells 3,182 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Best Buy Co., Inc. (NYSE:BBY) CAO Mathew Watson sold 3,182 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares of the company’s stock, valued at approximately $1,370,051.22. This represents a 14.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Best Buy Stock Performance

Shares of Best Buy stock opened at $73.63 on Friday. 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 Co., Inc. has a twelve month low of $69.29 and a twelve month high of $103.71. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 2.10 and a beta of 1.43. The company’s fifty day moving average is $83.34 and its 200 day moving average is $89.17.

Best Buy (NYSE:BBY) last issued its quarterly earnings data 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 analysts’ expectations of $13.69 billion. During the same quarter in the previous year, the firm posted $2.72 earnings per share. Sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is 88.99%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wedbush reiterated a “neutral” rating and issued a $90.00 price target on shares of Best Buy in a research report on Monday, March 3rd. Evercore ISI dropped their price target on shares of Best Buy from $95.00 to $80.00 and set an “in-line” rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group dropped their price target on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Piper Sandler dropped 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 report on Wednesday, March 5th. Finally, Telsey Advisory Group dropped their price target on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and an average price target of $93.50.

Institutional Trading of Best Buy

Institutional investors have recently bought and sold shares of the company. Pinnacle Financial Partners Inc bought a new stake in Best Buy during the fourth quarter valued at $3,293,000. Klein Pavlis & Peasley Financial Inc. boosted its position in Best Buy by 48.6% during 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 acquiring an additional 8,640 shares during the last quarter. Alberta Investment Management Corp boosted 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 valued at $2,248,000 after acquiring an additional 21,200 shares during the last quarter. Merit Financial Group LLC bought a new stake in Best Buy during the fourth quarter valued at $453,000. Finally, TCW Group Inc. boosted its position in Best Buy by 26.7% during the fourth 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 during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.