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.
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.