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Mărimea textului People shopping in a Best Buy store. Richard Schulze, Best Buy’s founder, bought $20 million in shares of the electronics retailer. Valentin M Armianu/Dreamstime.com Best Buy stock has tumbled this year, and founder Richard M. Schulze scooped up nearly $20 million in shares of the electronics retailer.Best Buy (ticker: BBY) shares have dropped 20% in 2022, compared with a 14% decline in the S&P 500. Fourth-quarter earnings, reported in March, were mixed, and the raportul trimestrului I in May met expectations. Analysts are wary that comparisons will be tough, as demand for devices to support working from home was still the trend a year ago, bolstered with stimulus payments. The second half may be mai dureros.Schulze a plătit 19.9 milioane de dolari pe 25 mai for 250,000 Best Buy shares, at an average price of $79.60 each, according to a filing he made with the Securities and Exchange Commission. Schulze made the purchase through a trust that now owns 20.5 million Best Buy shares. Best Buy’s chairman emeritus also owns 1.8 million more shares through vehicles including limited partnerships, retirement accounts, and a family foundation. He remains Best Buy’s second-largest shareholder.Schulze’s family office said he purchased more shares “due to the market’s overreaction to consumer stocks in the recent market selloff. Best Buy’s P/E trading range created a value opportunity that couldn’t be ignored.”Schulze last bought stock in October 2008, when he a plătit 39 de milioane de dolari for 1.76 million shares, at an average price of $22.18 each. He was still chairman at the time and remained in that post până la 2012. Schulze also served as Best Buy’s chief executive from 1983 to 2002.Inside Scoop este o caracteristică obișnuită a lui Barron care acoperă tranzacțiile cu acțiuni ale executivilor corporativi și ale membrilor consiliului de administrație - așa-numiții din interior -, precum și ale acționarilor mari, politicienilor și altor personalități proeminente. Datorită statutului lor de privilegiat, acești investitori sunt obligați să dezvăluie tranzacțiile cu acțiuni la Comisia de valori mobiliare și de schimb sau alte grupuri de reglementare.Scrie-i lui Ed Lin la [e-mail protejat] și urmați @BarronsEdLin.
Valentin M Armianu/Dreamstime.com
Best Buy stock has tumbled this year, and founder Richard M. Schulze scooped up nearly $20 million in shares of the electronics retailer.
Best Buy (ticker: BBY) shares have dropped 20% in 2022, compared with a 14% decline in the
S&P 500. Fourth-quarter earnings, reported in March, were mixed, and the raportul trimestrului I in May met expectations. Analysts are wary that comparisons will be tough, as demand for devices to support working from home was still the trend a year ago, bolstered with stimulus payments. The second half may be mai dureros.
Schulze a plătit 19.9 milioane de dolari pe 25 mai for 250,000 Best Buy shares, at an average price of $79.60 each, according to a filing he made with the Securities and Exchange Commission. Schulze made the purchase through a trust that now owns 20.5 million Best Buy shares. Best Buy’s chairman emeritus also owns 1.8 million more shares through vehicles including limited partnerships, retirement accounts, and a family foundation. He remains Best Buy’s second-largest shareholder.
Schulze’s family office said he purchased more shares “due to the market’s overreaction to consumer stocks in the recent market selloff. Best Buy’s P/E trading range created a value opportunity that couldn’t be ignored.”
Schulze last bought stock in October 2008, when he a plătit 39 de milioane de dolari for 1.76 million shares, at an average price of $22.18 each. He was still chairman at the time and remained in that post până la 2012. Schulze also served as Best Buy’s chief executive from 1983 to 2002.
Inside Scoop este o caracteristică obișnuită a lui Barron care acoperă tranzacțiile cu acțiuni ale executivilor corporativi și ale membrilor consiliului de administrație - așa-numiții din interior -, precum și ale acționarilor mari, politicienilor și altor personalități proeminente. Datorită statutului lor de privilegiat, acești investitori sunt obligați să dezvăluie tranzacțiile cu acțiuni la Comisia de valori mobiliare și de schimb sau alte grupuri de reglementare.
Scrie-i lui Ed Lin la [e-mail protejat] și urmați @BarronsEdLin.
Source: https://www.barrons.com/articles/best-buy-stock-founder-richard-schulze-buy-51654285128?siteid=yhoof2&yptr=yahoo