Damien Harmon, an executive vice president at Best Buy Co., Inc., sold 2,500 shares of the company’s stock on Friday, December 23. These shares had the ticker symbol BBY. The stock was sold for a total of $199,975.00, with the price per share averaging out to be $79.99, and the proceeds were distributed as such. The current value of the executive vice president’s 42,805 company shares is approximately $3,423,971.95, making him the owner of those shares now. If you follow this link, you will be taken to the filing submitted to the Securities and Exchange Commission, where the transaction was discussed, and it will take you there immediately.
The most recent quarterly earnings report for Best Buy, traded on the New York Stock Exchange under the symbol BBY, was released on November 22. Earnings per share for the consumer electronics retailer came in at $1.38 for the quarter, which was $0.35 more than the consensus estimate of $1.00. The company had a return on equity of 57.26% and a net margin of 3.23%. Best Buy had the highest return on equity. The actual revenue the company brought in for the quarter was $10.59 billion, which is significantly higher than the forecasted revenue of $10.30 billion expected for the company during the quarter. Compared to the previous year’s period, the corporation’s revenue per share came in at $2.08 in the most recent comparable quarter. The company’s quarterly revenue dropped by 11.1% when measured against the same period in the year before the current one. According to the forecasts provided by industry professionals, Best Buy Co., Inc. will bring in $6.55 worth of profits for each share of stock during the current financial year.
In addition, the business just recently announced a quarterly dividend scheduled to be paid out on January 3. As a result, shareholders on record will be eligible to receive a dividend payment on December 13, $0.88. This equates to a dividend payment of $3.52 annually and a yield of 4.30% on the dividend. Both of these figures are based on an annualized payment schedule. You are responsible for submitting your dividend payment by Monday, December 12. At this very moment, the payout ratio for Best Buy stands at a remarkable 52.69%.
After a $0.51 increase throughout the Tuesday trading session, the BBY stock price reached $81.86 per share. The volume of shares traded by the company was significantly lower than its usual level of 3,168,412, coming in at only 1,560,096. During the previous 52 weeks, the share price of Best Buy Co., Inc. fluctuated between $60.78 and $112.96. The stock has a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.70, and a beta of 1.5. The ratio of price-to-earnings-growth is also 0.70. The value of the company’s stock on the market is estimated to be $18.11 billion. There is currently a debt-to-equity ratio of 0.38, a quick ratio of 0.26, and a current ratio of 0.98. All three of these ratios are at their respective historic lows. Currently, the share price is $75.27, which is higher than its 50-day and 200-day moving averages of $73.30.
Several institutional investors recently made adjustments to the positions that they hold in BBY in light of recent market events. During the third quarter, Laffer Tengler Investments acquired an additional 3.4% of the total number of shares outstanding in the company. Laffer Tengler Investments now has 4,533 shares of the technology retailer’s stock, with a combined value of $287,000. This comes from acquiring 151 additional shares during the most recent fiscal quarter. Community Bank & Trust in Waco, Texas, increased its holdings in Best Buy by 0.9% during the third quarter, bringing the total number of shares it owns to 1,010. Following the acquisition of an additional 165 shares during the most recent fiscal quarter, Community Bank & Trust Waco, Texas, now owns 19,044 shares of the technology retailer’s stock. The current value of these shares on the market is 1,260 dollars per share. During the third quarter, Clearstead Advisors LLC achieved a 30.5% increase in the proportion of Best Buy stock it owned. Clearstead Advisors LLC now has 724 shares of the technology retailer’s stock, which are currently valued at $46,000 after purchasing an additional 169 shares. These shares were purchased during the period. During the third quarter, CI Investments Inc. increased the amount of Best Buy stock held in its portfolio by 3.4%, bringing the total amount of Best Buy stock to 100%. Since the beginning of the most recent fiscal quarter, CI Investments Inc. has made additional purchases amounting to 174 shares, bringing the total number of shares it holds in the technology retailer with a market capitalization of $331,000 to 5,226. Not to mention, Desjardins Global Asset Management Inc. increased the amount of Best Buy stock owned by one percent during the first three months of this year. After making an additional purchase of 175 shares during the relevant period, Desjardins Global Asset Management Inc. now has 17,811 shares of the technology retailer’s stock, which are currently valued at $1,619,000. This brings the total number of shares owned by the company to 17,811. Currently, institutions hold over 78.48 percent of the total company stock.
Recent studies have concentrated on BBY, which has resulted in multiple investigations on this topic. Best Buy was added to the list of companies that StockNews.com will cover on October 12, with the publication of the website’s first research report on the retailer. They advised their clients to “hold” the stock moving forward. On August 31, Morgan Stanley published a research note on Best Buy stating that they had reduced their target price on the company’s shares from $82.00 to $80.00 and categorized the company as “equal weight.” The research note that Credit Suisse Group published on Monday, December 19, contained an announcement that the company would begin covering shares of Best Buy. They provided the stock with a ” neutral ” rating and forecast that its price would reach $90.00 by the end of the year. In a research report released on November 23, Citigroup increased their target price for Best Buy stock from $61.00 to $72.00 and awarded the stock a “buy” rating.
Last but not least, in a report released on November 23, Wedbush gave the company a “buy” rating, increased their target price for Best Buy shares from $80.00 to $85.00, and increased the amount that they were willing to pay for those shares. Seven research analysts have recommended purchasing shares in the company, ten have suggested maintaining their current positions, and a single research analyst has suggested selling shares. The data from Bloomberg.com indicates that the consensus opinion regarding Best Buy is to “hold” their stock, and the average price objective for the company is $82.71 at this time.