Best Buy Co., Inc. Forecasted to Earn Q1 2023 Earnings of $1.71 Per Share (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Analysts at DA Davidson cut their Q1 2023 EPS estimates for Best Buy in a research report issued on Monday, May 2nd. DA Davidson analyst M. Baker now anticipates that the technology retailer will post earnings of $1.71 per share for the quarter, down from their prior estimate of $1.90. DA Davidson also issued estimates for Best Buy’s FY2023 earnings at $8.72 EPS and FY2024 earnings at $11.02 EPS.

Several other equities analysts also recently issued reports on the stock. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Tuesday, April 26th. Raymond James downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating in a research note on Friday, March 4th. Guggenheim cut their target price on Best Buy from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, March 4th. Jefferies Financial Group lifted their price target on Best Buy from $137.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, March 4th. Finally, Telsey Advisory Group dropped their price target on Best Buy from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Monday, February 28th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $118.93.

Best Buy stock opened at $93.81 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99. The stock has a market cap of $21.10 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.06 and a beta of 1.42. The stock has a 50-day moving average of $96.09 and a two-hundred day moving average of $104.21. Best Buy has a one year low of $85.58 and a one year high of $141.97.

Best Buy (NYSE:BBYGet Rating) last announced its earnings results on Thursday, March 3rd. The technology retailer reported $2.73 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.73. Best Buy had a net margin of 4.74% and a return on equity of 63.23%. The company had revenue of $16.37 billion during the quarter, compared to the consensus estimate of $16.54 billion. Best Buy’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the firm earned $3.48 earnings per share.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 24th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 3.75%. This is a positive change from Best Buy’s previous quarterly dividend of $0.70. The ex-dividend date was Wednesday, March 23rd. Best Buy’s payout ratio is 35.77%.

In other news, insider Brian A. Tilzer sold 4,259 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total transaction of $421,896.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd G. Hartman sold 2,000 shares of Best Buy stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total transaction of $203,460.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,955 shares of company stock valued at $3,662,097. Company insiders own 0.36% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in BBY. Counterpoint Mutual Funds LLC acquired a new stake in shares of Best Buy in the fourth quarter worth approximately $25,000. Stonebridge Capital Advisors LLC grew its holdings in shares of Best Buy by 65.4% during the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after buying an additional 100 shares in the last quarter. Jacobi Capital Management LLC acquired a new stake in shares of Best Buy in the third quarter valued at about $29,000. Concord Wealth Partners lifted its stake in shares of Best Buy by 1,016.0% in the fourth quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock worth $28,000 after buying an additional 254 shares in the last quarter. Finally, Capital Advisory Group Advisory Services LLC acquired a new position in Best Buy during the first quarter worth about $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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Earnings History and Estimates for Best Buy (NYSE:BBY)

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