FY2023 EPS Estimates for Best Buy Co., Inc. Lifted by Analyst (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Equities research analysts at DA Davidson increased their FY2023 EPS estimates for shares of Best Buy in a research report issued to clients and investors on Wednesday, November 23rd. DA Davidson analyst M. Baker now expects that the technology retailer will post earnings of $6.60 per share for the year, up from their previous estimate of $6.21. DA Davidson has a “Buy” rating and a $99.00 price target on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.20 per share. DA Davidson also issued estimates for Best Buy’s Q4 2023 earnings at $2.12 EPS.

Best Buy (NYSE:BBYGet Rating) last posted its quarterly earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 EPS for the quarter, beating the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion during the quarter, compared to analysts’ expectations of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS.

BBY has been the subject of several other research reports. JPMorgan Chase & Co. lowered their price target on Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, November 18th. Telsey Advisory Group lifted their price target on Best Buy from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com initiated coverage on Best Buy in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Wells Fargo & Company decreased their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 28th. Finally, UBS Group boosted their target price on Best Buy to $80.00 in a report on Thursday. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and an average price target of $81.44.

Best Buy Stock Up 3.1 %

BBY opened at $82.39 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.98 and a quick ratio of 0.27. The stock has a market capitalization of $18.55 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.46. The business has a 50-day moving average of $68.17 and a two-hundred day moving average of $73.10. Best Buy has a 12 month low of $60.78 and a 12 month high of $121.87.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Tuesday, December 13th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Monday, December 12th. Best Buy’s dividend payout ratio is presently 52.69%.

Insiders Place Their Bets

In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the transaction, the executive vice president now owns 44,910 shares of the company’s stock, valued at approximately $3,439,207.80. The disclosure for this sale can be found here. Insiders sold a total of 26,533 shares of company stock worth $1,925,382 in the last 90 days. 0.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently made changes to their positions in BBY. Price T Rowe Associates Inc. MD raised its position in shares of Best Buy by 1,434.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock valued at $315,901,000 after purchasing an additional 4,530,018 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Best Buy in the 2nd quarter valued at approximately $116,725,000. Ceredex Value Advisors LLC acquired a new position in shares of Best Buy in the 3rd quarter valued at approximately $92,076,000. State Street Corp raised its position in shares of Best Buy by 12.7% in the 3rd quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock valued at $664,704,000 after purchasing an additional 1,169,374 shares in the last quarter. Finally, Capital World Investors acquired a new position in shares of Best Buy in the 1st quarter valued at approximately $99,081,000. 79.86% 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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