Telsey Advisory Group Weighs in on Best Buy Co., Inc.’s Q3 2024 Earnings (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY) – Investment analysts at Telsey Advisory Group decreased their Q3 2024 earnings per share (EPS) estimates for Best Buy in a research note issued to investors on Tuesday, August 29th. Telsey Advisory Group analyst J. Feldman now forecasts that the technology retailer will post earnings of $1.25 per share for the quarter, down from their previous forecast of $1.34. Telsey Advisory Group currently has a “Buy” rating and a $85.00 price objective on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.01 per share. Telsey Advisory Group also issued estimates for Best Buy’s FY2024 earnings at $6.32 EPS, Q1 2025 earnings at $1.37 EPS, Q2 2025 earnings at $1.46 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $2.65 EPS and FY2025 earnings at $6.92 EPS.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.16. Best Buy had a return on equity of 51.95% and a net margin of 2.93%. The business had revenue of $9.58 billion during the quarter, compared to analyst estimates of $9.52 billion. During the same quarter in the previous year, the business earned $1.54 earnings per share. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year.

BBY has been the subject of a number of other research reports. Truist Financial boosted their price target on Best Buy from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group upped their target price on Best Buy from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday. Credit Suisse Group lowered their target price on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, May 25th. SpectralCast reaffirmed a “maintains” rating on shares of Best Buy in a research report on Friday, May 26th. Finally, Morgan Stanley upped their price target on Best Buy from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

Best Buy Stock Up 0.7 %

Shares of NYSE BBY opened at $76.45 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.32 and a current ratio of 0.98. The firm has a market capitalization of $16.68 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 2.01 and a beta of 1.53. The stock has a 50 day moving average price of $80.26 and a 200 day moving average price of $77.74. Best Buy has a 52-week low of $60.78 and a 52-week high of $93.32.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 4.81%. The ex-dividend date is Monday, September 18th. Best Buy’s payout ratio is 62.27%.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 100,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.24, for a total value of $8,524,000.00. Following the transaction, the chairman now directly owns 349,448 shares of the company’s stock, valued at approximately $29,786,947.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 34,191 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $81.30, for a total transaction of $2,779,728.30. Following the sale, the executive vice president now directly owns 65,039 shares of the company’s stock, valued at approximately $5,287,670.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 100,000 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $85.24, for a total value of $8,524,000.00. Following the sale, the chairman now directly owns 349,448 shares in the company, valued at $29,786,947.52. The disclosure for this sale can be found here. Insiders have sold a total of 384,191 shares of company stock valued at $32,028,728 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its position in shares of Best Buy by 29.2% during the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock valued at $504,000 after acquiring an additional 1,252 shares during the period. Yousif Capital Management LLC boosted its position in Best Buy by 1.1% during the first 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 in the last quarter. Aviva PLC grew its holdings in Best Buy by 31.1% in the first quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock valued at $9,578,000 after purchasing an additional 24,977 shares during the period. Prudential PLC purchased a new stake in shares of Best Buy in the first quarter valued at approximately $499,000. Finally, Cetera Investment Advisers increased its position in shares of Best Buy by 6.3% in the first quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock valued at $468,000 after buying an additional 305 shares in the last quarter. 76.10% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phone 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 products, home theater, portable audio comprising headphones and portable speakers, and smart home products.