Mathew Watson Sells 578 Shares of Best Buy Co., Inc. (NYSE:BBY) Stock

Posted by on Jun 4th, 2023

Best Buy Co., Inc. (NYSE:BBY – Get Rating) CAO Mathew Watson sold 578 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.82, for a total value of $41,511.96. Following the completion of the sale, the chief accounting officer now owns 22,974 shares of the company’s stock, valued at approximately $1,649,992.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Mathew Watson also recently made the following trade(s):

  • On Tuesday, March 21st, Mathew Watson sold 2,704 shares of Best Buy stock. The shares were sold at an average price of $77.95, for a total value of $210,776.80.

Best Buy Stock Performance

Shares of NYSE BBY opened at $73.21 on Friday. The stock has a 50 day moving average price of $73.31 and a 200 day moving average price of $79.10. Best Buy Co., Inc. has a 52 week low of $60.78 and a 52 week high of $93.32. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.32 and a current ratio of 0.98. The stock has a market capitalization of $16.01 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.50 and a beta of 1.51.

Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings data on Thursday, May 25th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Best Buy had a return on equity of 51.95% and a net margin of 2.93%. The company had revenue of $9.47 billion during the quarter, compared to analysts’ expectations of $9.53 billion. During the same period last year, the firm posted $1.57 earnings per share. The business’s revenue was down 11.1% on a year-over-year basis. Analysts predict that Best Buy Co., Inc. will post 6.02 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm 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 $0.92 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.03%. Best Buy’s payout ratio is 62.27%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BBY. Citigroup lowered their price target on Best Buy from $72.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, May 18th. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $88.00 to $83.00 in a report on Monday, February 27th. TheStreet downgraded Best Buy from a “b-” rating to a “c” rating in a report on Thursday, May 25th. SpectralCast restated a “maintains” rating on shares of Best Buy in a report on Friday, May 26th. Finally, Credit Suisse Group lowered their price target on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.44.

Institutional Trading of Best Buy

A number of hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC increased its stake in shares of Best Buy by 29.2% during the first quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after purchasing an additional 1,252 shares during the period. Yousif Capital Management LLC increased its stake in shares of Best Buy by 1.1% during the first quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock worth $3,554,000 after purchasing an additional 415 shares during the period. Aviva PLC increased its stake in shares of Best Buy by 31.1% during the first quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock worth $9,578,000 after purchasing an additional 24,977 shares during the period. Prudential PLC bought a new position in shares of Best Buy during the first quarter worth approximately $499,000. Finally, Cetera Investment Advisers increased its stake in shares of Best Buy by 6.3% during the first quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after purchasing an additional 305 shares during the period. 78.48% of the stock is owned by institutional investors and hedge funds.

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.

Read More

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

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.