Research Analysts Issue Forecasts for Best Buy Co., Inc.’s Q1 2024 Earnings (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Analysts at Telsey Advisory Group issued their Q1 2024 earnings estimates for Best Buy in a research note issued to investors on Friday, May 20th. Telsey Advisory Group analyst J. Feldman expects that the technology retailer will earn $1.99 per share for the quarter. Telsey Advisory Group currently has a “Outperform” rating and a $90.00 target price on the stock. Telsey Advisory Group also issued estimates for Best Buy’s Q2 2024 earnings at $2.66 EPS and Q4 2024 earnings at $3.52 EPS.

Best Buy (NYSE:BBYGet Rating) last released its quarterly earnings data on Thursday, March 3rd. The technology retailer reported $2.73 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.73. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The firm had revenue of $16.37 billion during the quarter, compared to analyst estimates of $16.54 billion. During the same quarter in the prior year, the firm posted $3.48 earnings per share. The business’s quarterly revenue was down 3.4% compared to the same quarter last year.

BBY has been the subject of a number of other reports. Wedbush dropped their target price on shares of Best Buy from $110.00 to $80.00 and set a “neutral” rating for the company in a report on Monday, May 16th. Bank of America cut their price objective on Best Buy from $175.00 to $147.00 and set a “buy” rating on the stock in a research report on Monday, February 28th. Guggenheim decreased their target price on Best Buy from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, March 4th. Truist Financial cut their price target on shares of Best Buy to $83.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Citigroup decreased their price objective on shares of Best Buy from $100.00 to $80.00 and set a “buy” rating for the company in a report on Friday, May 13th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Best Buy presently has an average rating of “Buy” and a consensus price target of $110.87.

Shares of Best Buy stock opened at $72.36 on Monday. The company’s fifty day simple moving average is $92.52 and its two-hundred day simple moving average is $100.82. Best Buy has a 12-month low of $69.07 and a 12-month high of $141.97. The firm has a market cap of $16.28 billion, a PE ratio of 7.35, a price-to-earnings-growth ratio of 0.86 and a beta of 1.42. The company has a quick ratio of 0.43, a current ratio of 0.99 and a debt-to-equity ratio of 0.40.

Several large investors have recently made changes to their positions in BBY. State Street Corp increased its holdings in shares of Best Buy by 2.8% during the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer’s stock worth $1,063,725,000 after buying an additional 282,542 shares during the last quarter. Geode Capital Management LLC increased its holdings in Best Buy by 6.2% in the third quarter. Geode Capital Management LLC now owns 4,418,405 shares of the technology retailer’s stock valued at $465,937,000 after buying an additional 257,611 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Best Buy by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock worth $338,235,000 after buying an additional 236,513 shares during the last quarter. Northern Trust Corp boosted its position in shares of Best Buy by 4.8% during the 1st quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock worth $333,796,000 after acquiring an additional 168,940 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Best Buy by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,139,985 shares of the technology retailer’s stock valued at $331,926,000 after acquiring an additional 45,000 shares during the last quarter. Hedge funds and other institutional investors own 80.79% of the company’s stock.

In other Best Buy news, insider Brian A. Tilzer sold 4,259 shares of the business’s stock in a transaction dated Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total transaction of $421,896.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 2,000 shares of the stock in a transaction on Wednesday, March 9th. The stock was 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. Insiders have sold 36,955 shares of company stock worth $3,662,097 in the last quarter. Company insiders own 0.36% of the company’s stock.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 24th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, March 23rd. This is an increase from Best Buy’s previous quarterly dividend of $0.70. This represents a $3.52 dividend on an annualized basis and a yield of 4.86%. Best Buy’s dividend payout ratio is 35.77%.

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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