Best Buy Co., Inc. (NYSE:BBY – Get Rating) – DA Davidson raised their FY2023 earnings per share (EPS) estimates for shares of Best Buy in a research note issued on Thursday, May 26th. DA Davidson analyst M. Baker now anticipates that the technology retailer will post earnings of $8.76 per share for the year, up from their previous estimate of $8.47. DA Davidson has a “Buy” rating and a $110.00 price objective on the stock. DA Davidson also issued estimates for Best Buy’s FY2024 earnings at $11.00 EPS.
Other research analysts have also issued research reports about the company. Morgan Stanley reduced their price objective on Best Buy from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 25th. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Friday. Citigroup cut their target price on Best Buy from $80.00 to $65.00 and set a “sell” rating on the stock in a research note on Wednesday, May 25th. Jefferies Financial Group increased their target price on Best Buy from $137.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, March 4th. Finally, Raymond James downgraded Best Buy from an “outperform” rating to a “market perform” rating in a research note on Friday, March 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $94.88.
BBY stock opened at $83.99 on Monday. Best Buy has a twelve month low of $69.07 and a twelve month high of $141.97. The company has a quick ratio of 0.43, a current ratio of 0.96 and a debt-to-equity ratio of 0.42. The firm has a market cap of $18.90 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 1.00 and a beta of 1.42. The business has a 50 day moving average of $90.35 and a 200 day moving average of $98.96.
Best Buy (NYSE:BBY – Get Rating) last posted its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.04). Best Buy had a net margin of 4.33% and a return on equity of 63.39%. The company had revenue of $10.65 billion for the quarter, compared to the consensus estimate of $10.43 billion. During the same period last year, the business earned $2.23 EPS. The firm’s quarterly revenue was down 8.5% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th will be issued a $0.88 dividend. The ex-dividend date is Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a yield of 4.19%. Best Buy’s dividend payout ratio is currently 39.07%.
In other Best Buy news, insider Todd G. Hartman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total transaction of $203,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze acquired 250,000 shares of the business’s stock in a transaction on Wednesday, May 25th. The shares were bought at an average cost of $79.60 per share, with a total value of $19,900,000.00. Following the completion of the acquisition, the chairman now owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 36,955 shares of company stock worth $3,662,097. 0.44% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Counterpoint Mutual Funds LLC purchased a new stake in Best Buy during the 4th quarter valued at approximately $25,000. Stonebridge Capital Advisors LLC boosted its position in shares of Best Buy by 65.4% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 100 shares during the last quarter. Jacobi Capital Management LLC bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $29,000. Concord Wealth Partners boosted its position in shares of Best Buy by 1,016.0% during the 4th quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock valued at $28,000 after acquiring an additional 254 shares during the last quarter. Finally, Capital Advisory Group Advisory Services LLC bought a new position in shares of Best Buy during the 1st quarter valued at approximately $27,000. 80.79% of the stock is owned by institutional investors and hedge funds.
About Best Buy (Get Rating)
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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