1 reason to sell Best Buy stock: D-I-V-O-R-C-E

• 52-week stock price range %2411.20 - %2438
• Dividend yield%3A 1.79%25
• Market cap%3A %2412.9 billion

Best Buy CEO Hubert Joly sold $10.4 million in stock, according to a Securities and Exchange Commission filing, but a company spokesman says the sale was because of his divorce, not because of his outlook for the company.

Joly received about $37.01 per share for the sale of 350,467 shares, according to the filing. The stock closed at $37.90 Wednesday. But Joly didn't sell the stock because he's negative about its prospects.

"This sale reflects only one thing: Mr. Joly has recently gone through a divorce and needs to sell a portion of his holdings in order to cover the costs of that unfortunate event," spokesman Jeff Shelman said in a statement. "He remains heavily invested in Best Buy."

Joly has been credited with turning around the troubled electronics retailer, whose stock has soared 207% this year, more than 190 percentage points higher than the Standard and Poor's 500 stock index, according to Morningstar, the Chicago investment trackers.

Legal insider stock sales are not usually as meaningful as stock purchases. Execs can sell a stock for any number of reasons, from divorce to a new home purchase. Typically, however, an exec will buy shares of his company's stock because he feels it will go up. All purchases must be disclosed to the public via the SEC.