Best Buy (NYSE:BBY) Issues Quarterly Earnings Results

Best Buy (NYSE:BBYGet Rating) issued its quarterly earnings data on Tuesday. The technology retailer reported $1.57 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.04), MarketWatch Earnings reports. The company had revenue of $10.65 billion during the quarter, compared to the consensus estimate of $10.43 billion. Best Buy had a net margin of 4.74% and a return on equity of 63.23%. Best Buy’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.23 earnings per share. Best Buy updated its FY 2023 guidance to $8.40-$9.00 EPS and its FY23 guidance to $8.40-9.00 EPS.

BBY opened at $73.47 on Wednesday. The company’s 50 day moving average is $91.49 and its 200-day moving average is $100.24. Best Buy has a 1-year low of $69.07 and a 1-year high of $141.97. The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.40. The company has a market cap of $16.53 billion, a P/E ratio of 7.47, a PEG ratio of 0.86 and a beta of 1.42.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be paid a $0.88 dividend. The ex-dividend date is Monday, June 13th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.79%. Best Buy’s payout ratio is currently 35.77%.

Several equities analysts recently commented on BBY shares. Wedbush decreased their price target on shares of Best Buy from $110.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday, May 16th. Truist Financial decreased their price target on shares of Best Buy to $83.00 and set a “hold” rating on the stock in a research note on Thursday, May 19th. Wells Fargo & Company decreased their price target on shares of Best Buy from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. StockNews.com upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Thursday, May 19th. Finally, Raymond James downgraded shares of Best Buy from an “outperform” rating to a “market perform” rating in a research note on Friday, March 4th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $109.13.

In other Best Buy news, insider Todd G. Hartman sold 1,188 shares of the firm’s stock in a transaction that occurred on Thursday, April 21st. The shares were sold at an average price of $95.72, for a total transaction of $113,715.36. Following the completion of the transaction, the insider now owns 34,513 shares in the company, valued at approximately $3,303,584.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mathew Watson sold 2,331 shares of Best Buy stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $230,908.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,955 shares of company stock valued at $3,662,097. 0.36% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 6.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after acquiring an additional 236,513 shares in the last quarter. Northern Trust Corp grew its position in Best Buy by 4.8% in the 1st quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock valued at $333,796,000 after purchasing an additional 168,940 shares during the period. First Trust Advisors LP grew its position in Best Buy by 21.7% in the 1st quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock valued at $214,490,000 after purchasing an additional 420,134 shares during the period. Invesco Ltd. grew its position in Best Buy by 24.6% in the 1st quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock valued at $191,643,000 after purchasing an additional 416,531 shares during the period. Finally, Capital World Investors acquired a new stake in Best Buy in the 1st quarter valued at $99,081,000. Institutional investors own 80.79% of the company’s stock.

Best Buy Company Profile (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.

See Also

Earnings History for Best Buy (NYSE:BBY)

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