Shares of Best buy were down on Friday 3.9% after selling from a major shareholder and founder, Richard Schulze, who lightened his position in the retailer by selling 1, 600, 000 shares at an average price of $38.88, as reported by the Mideast Times. The total transaction was $62, 208, 000.
The sale comes as Best Buy received several upgrades, with raised price targets from Jeffries, Deutsche Bank and Citigroup. Raised price targets ranged from $42, from Deutche Bank to $45 from Citigroup. Four analysts covering Best Buy have a hold rating on the stock and 14 have a buy rating. In its prior earnings in November, Best Buy beat Wall Street’s earnings estimates by 7 cents, and surpassed revenue estimates. Revenue was up 6% year over year.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
Richard Schulze is founder of Best Buy and attempted to buy the company in 2012. However, the deal broke down, leaving Schulze with a 20% stake in the company.