Best Buy stock has rallied since March lows. Richard M. Schulze, founder of the electronics retailer, sold $86 million of shares in late June, his first sale this year.
Justin Sullivan/Getty ImagesBest Buy founder and chairman emeritus, Richard M. Schulze, has made his first stock sales of 2020.
Best Buy stock (ticker: BBY) remains off its record intraday high of $91.99, set in February, and the shares are about flat overall for the year to date. But that measure masks a major comeback by the shares of the electronics retailer—they’ve rocketed about 80% since late March.
Schulze sold one million Best Buy shares from June 26 through June 30 for a total of $86.3 million, an average per share price of $86.29. The transactions were made through a family foundation and a trust that Schulze controls. Schulze continues to own about 26 million shares through the foundation, trusts, and other vehicles, according to a form he filed with the Securities and Exchange Commission. Those holdings make him Best Buy’s second-largest shareholder, S&P Capital IQ notes.
The Schulze Family Foundation declined on behalf of Schulze to comment on the stock sale. Although he is no longer an officer or director of Best Buy, he is obligated to disclose his stock transactions because of the size of his stake.
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Schulze has been selling Best Buy stock in recent years. Prior to the latest transactions, Schulze last sold stock from late November to early December, receiving a total of nearly $200 million for 2.5 million shares, an average per share price of $79.90.
Telsey Advisory Group upgraded Best Buy stock in May to Outperform from Market Perform, noting that it could be a “winner in retail.”
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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Best Buy Founder Richard Schulze Sells Big Block of Stock - Barron's
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