Best Buy (BBY) CEO Corie Barry has used the recent decline in the retailer’s share price to load-up on the stock.
BBY stock is down 18% this year amid worries that tariff impacts will outweigh strong earnings from the consumer electronics retailer in recent quarters. However, Barry remains confident in Best Buys outlook and potential. The CEO recently paid just under $1 million to buy 13,500 shares of BBY stock at an average price of $72.92 each.
Barry now owns 378,780 Best Buy shares in a personal account, according to a form she filed with the U.S. Securities and Exchange Commission (SEC). She also owns 3,302 shares of BBY stock in a 401(k) retirement account.
First Purchase as CEO
The latest purchase of BBY stock was Barry’s first on the open market since she assumed the helm of Best Buy in June 2019. Many of the most recent shares were bought through stock options she has accumulated during her time with the company.
The CEO’s stock purchase is also the first by any Best Buy executive or board member in several years. The last open market purchase of BBY stock occurred in May 2022 when a trust controlled by founder and Chairman Emeritus Richard Schulze paid $20 million for 250,000 shares at an average price of $79.60.
BBY stock is down nearly 20% over the last three years.
Is BBY Stock a Buy?
The stock of Best Buy has a consensus Moderate Buy rating among 18 Wall Street analysts. That rating is based on 10 Buy, seven Hold, and one Sell recommendations issued in the last three months. The average BBY price target of $92.71 implies 31.04% upside from current levels.
Read more analyst ratings on BBY stock
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