Best Buy (BBY) Set to Announce Quarterly Earnings on Thursday

Best Buy (NYSE:BBY – Get Rating) is scheduled to release its earnings data before the market opens on Thursday, May 25th. Analysts expect Best Buy to post earnings of $1.12 per share for the quarter. Best Buy has set its FY24 guidance at $5.70-6.50 EPS and its FY 2024 guidance at $5.70-$6.50 EPS.Persons interested in registering for the company’s earnings conference call can do so using this link.

Best Buy (NYSE:BBY – Get Rating) last announced its earnings results on Thursday, March 2nd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.09 by $0.52. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The firm had revenue of $14.74 billion for the quarter, compared to the consensus estimate of $14.80 billion. During the same period last year, the company posted $2.73 EPS. The business’s quarterly revenue was down 10.0% on a year-over-year basis. On average, analysts expect Best Buy to post $6 EPS for the current fiscal year and $7 EPS for the next fiscal year.

Best Buy Price Performance

NYSE BBY opened at $73.94 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42. Best Buy has a 12-month low of $60.78 and a 12-month high of $93.32. The company has a market capitalization of $16.17 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.50. The firm’s 50 day moving average is $74.39 and its 200-day moving average is $78.93.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 13th. Stockholders of record on Thursday, March 23rd were issued a $0.92 dividend. The ex-dividend date of this dividend was Wednesday, March 22nd. This is an increase from Best Buy’s previous quarterly dividend of $0.88. This represents a $3.68 dividend on an annualized basis and a dividend yield of 4.98%. Best Buy’s dividend payout ratio (DPR) is 58.51%.

Insider Activity at Best Buy

In related news, CFO Matthew M. Bilunas sold 7,181 shares of the stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $559,758.95. Following the completion of the sale, the chief financial officer now directly owns 72,243 shares of the company’s stock, valued at approximately $5,631,341.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, CFO Matthew M. Bilunas sold 7,181 shares of the company’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $559,758.95. Following the completion of the transaction, the chief financial officer now owns 72,243 shares in the company, valued at approximately $5,631,341.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason J. Bonfig sold 10,963 shares of the company’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the completion of the transaction, the insider now owns 46,250 shares of the company’s stock, valued at approximately $3,605,187.50. The disclosure for this sale can be found here. In the last three months, insiders sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in Best Buy by 29.2% in the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after purchasing an additional 1,252 shares during the period. Yousif Capital Management LLC boosted its stake in Best Buy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock worth $3,554,000 after purchasing an additional 415 shares during the period. Aviva PLC boosted its stake in Best Buy by 31.1% in the 1st quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock worth $9,578,000 after purchasing an additional 24,977 shares during the period. Prudential PLC bought a new position in Best Buy in the 1st quarter worth about $499,000. Finally, Cetera Investment Advisers boosted its stake in Best Buy by 6.3% in the 1st quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after purchasing an additional 305 shares during the period. Institutional investors own 78.48% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Barclays decreased their target price on shares of Best Buy from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. 58.com reissued a “maintains” rating on shares of Best Buy in a report on Thursday, May 11th. Truist Financial boosted their price target on Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. StockNews.com began coverage on Best Buy in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $88.00 to $83.00 in a research note on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.44.

Best Buy Company Profile

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Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.