On Sept. 6 of this year, the new CEO sold 450,000 shares of Best Buy for proceeds of $16.7 million. Mr. Joly's sales represent roughly 20% of his stake in the company.
Other insiders have been selling stock
There have been three other recent transactions that could support a peak in the stock price. On Sept. 4, EVP Keith Nelsen sold 12,748 shares at 37.86 per share. On Sept. 5, Treasurer Christopher Gould sold 7,225 shares at $37.37 per share. Most importantly, on Aug. 27, director Allen Lenzmeier sold 60,000 shares at $35.04 a share, for proceeds of over $2 million. Insider selling could indicate that the leaders of the business think the stock is fairly or over-valued.