Jason J. Bonfig Sells 10,963 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Posted by on Mar 24th, 2023

Best Buy Co., Inc. (NYSE:BBY – Get Rating) insider Jason J. Bonfig sold 10,963 shares of the stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $854,565.85. Following the transaction, the insider now directly owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Best Buy Stock Down 1.8 %

BBY opened at $74.59 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41. The company’s 50-day moving average is $83.30 and its 200 day moving average is $77.27. Best Buy Co., Inc. has a fifty-two week low of $60.78 and a fifty-two week high of $100.93. The firm has a market capitalization of $16.26 billion, a P/E ratio of 11.86, a PEG ratio of 1.56 and a beta of 1.51.

Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings results on Thursday, March 2nd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company had revenue of $14.74 billion for the quarter, compared to analyst estimates of $14.80 billion. During the same period last year, the firm earned $2.73 earnings per share. The firm’s revenue was down 10.0% on a year-over-year basis. Research analysts expect that Best Buy Co., Inc. will post 6.25 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Thursday, March 23rd will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Wednesday, March 22nd. This is an increase from Best Buy’s previous quarterly dividend of $0.88. Best Buy’s dividend payout ratio (DPR) is 55.96%.

Wall Street Analysts Forecast Growth

BBY has been the topic of several research analyst reports. UBS Group increased their target price on shares of Best Buy from $80.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, February 24th. TheStreet raised shares of Best Buy from a “c+” rating to a “b” rating in a research note on Wednesday, December 7th. Bank of America lowered shares of Best Buy from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $80.00 to $69.00 in a research note on Wednesday, December 14th. DA Davidson cut their target price on shares of Best Buy from $99.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, March 3rd. Finally, Truist Financial increased their target price on shares of Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $81.44.

Institutional Trading of Best Buy

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in Best Buy during the fourth quarter worth about $26,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Best Buy during the fourth quarter worth about $30,000. Exos TFP Holdings LLC purchased a new stake in Best Buy during the third quarter worth about $29,000. Hanson & Doremus Investment Management purchased a new stake in Best Buy during the fourth quarter worth about $37,000. Finally, CoreCap Advisors LLC purchased a new stake in Best Buy during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 78.48% of the company’s stock.

Best Buy Company Profile

(Get Rating)

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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

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