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Matthew M. Bilunas, the Senior Executive Vice President and Chief Financial Officer of Best Buy Co. Inc. (NYSE:BBY), a $18.9 billion market cap specialty retailer with $42.23 billion in annual revenue, reported significant stock transactions on December 11, 2024. Bilunas sold 69,166 shares of Best Buy common stock, totaling approximately $6.05 million. The sales occurred at prices ranging from $87.43 to $87.91 per share.
In addition to the sales, Bilunas acquired 69,166 shares through stock option exercises at prices between $51.65 and $69.11 per share. These transactions were conducted under a pre-established Rule 10b5-1 trading plan. Following these transactions, Bilunas holds 92,070 shares directly. According to InvestingPro analysis, Best Buy currently trades at a P/E ratio of 14.86 and offers a 4.25% dividend yield, with the stock showing slight undervaluation based on Fair Value calculations.
In other recent news, Walmart (NYSE:WMT) Inc and Amazon.com (NASDAQ:AMZN) have reported record-breaking sales during the Black Friday and Cyber Monday shopping events, outpacing competitors like Target (NYSE:TGT) and Best Buy. The companies, along with online retailers Shein and PDD Holding's Temu, experienced significantly stronger performances this holiday season, with consumers showing a preference for online shopping. Analysts from KeyBanc and Guggenheim have recently shared insights on the retail sector, noting a shift in consumer behavior towards online spending and mixed performance across various sectors.
In terms of analyst upgrades and downgrades, Best Buy's stock has been under review following its third-quarter financial results. Guggenheim maintained its Buy rating but reduced the price target from $110 to $105, while Loop Capital also adjusted its price target for Best Buy shares to $100 from $110, maintaining its Buy rating. Truist Securities adjusted its outlook on Best Buy, reducing the price target to $95 from the previous $107, while keeping a Hold rating on the stock.
In other company news, Walmart announced its most successful sales day ever between November 25 and December 2, with four times more deals on its online marketplace. Amazon also reported record-breaking sales for its 12-day shopping period ending on Cyber Monday. These are the latest developments in the retail sector, providing investors with an overview of recent performance trends.
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