Investors Buy Best Buy Co., Inc. (BBY) on Weakness Following Insider Selling
Investors bought shares of Best Buy Co., Inc. (NYSE:BBY) on weakness during trading hours on Thursday after an insider sold shares in the company. $54.73 million flowed into the stock on the tick-up and $31.52 million flowed out of the stock on the tick-down, for a money net flow of $23.21 million into the stock. Of all companies tracked, Best Buy Co. had the 20th highest net in-flow for the day. Best Buy Co. traded down ($0.93) for the day and closed at $56.55Specifically, insider Shari L. Ballard sold 189,746 shares of the business’s stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $48.57, for a total transaction of $9,215,963.22. Following the sale, the insider now owns 161,364 shares of the company’s stock, valued at $7,837,449.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Victor Kathy J. Higgins sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $47.73, for a total value of $357,975.00. Following the sale, the director now directly owns 42,510 shares in the company, valued at approximately $2,029,002.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 423,444 shares of company stock worth $21,622,180. 1.21% of the stock is owned by corporate insiders.
BBY has been the topic of several recent analyst reports. Piper Jaffray Companies raised Best Buy Co. from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $44.85 to $55.00 in a report on Monday, March 27th. Vetr lowered shares of Best Buy Co. from a “hold” rating to a “sell” rating and set a $44.50 price target on the stock. in a research report on Monday, March 27th. Bank of America Corporation upgraded shares of Best Buy Co. from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $58.00 in a research report on Tuesday, April 25th. Loop Capital restated a “buy” rating and issued a $58.00 price target on shares of Best Buy Co. in a research report on Tuesday, April 4th. Finally, Deutsche Bank AG upgraded shares of Best Buy Co. from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Tuesday, April 11th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and nineteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $54.14.
The company has a market cap of $16.97 billion, a price-to-earnings ratio of 14.97 and a beta of 1.47. The company’s 50-day moving average is $54.72 and its 200-day moving average is $48.15.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. On average, equities analysts predict that Best Buy Co., Inc. will post $3.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, June 13th. Best Buy Co.’s dividend payout ratio is 36.46%.
Several large investors have recently modified their holdings of BBY. UBS Oconnor LLC increased its stake in shares of Best Buy Co. by 131.3% in the first quarter. UBS Oconnor LLC now owns 400,000 shares of the technology retailer’s stock valued at $19,660,000 after buying an additional 227,100 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Best Buy Co. during the first quarter valued at about $265,777,000. Public Employees Retirement System of Ohio increased its stake in shares of Best Buy Co. by 4.9% in the first quarter. Public Employees Retirement System of Ohio now owns 128,120 shares of the technology retailer’s stock valued at $6,297,000 after buying an additional 6,004 shares in the last quarter. Ibex Wealth Advisors bought a new stake in shares of Best Buy Co. during the first quarter valued at about $2,028,000. Finally, Achmea Investment Management B.V. bought a new stake in shares of Best Buy Co. during the first quarter valued at about $5,844,000. 93.94% of the stock is owned by institutional investors.
Best Buy Co. Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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