Best Buy (BBY) to Release Quarterly Earnings on Tuesday

Best Buy (NYSE:BBY) will issue its quarterly earnings data before the market opens on Tuesday, November 21st. Analysts expect the company to announce earnings of $1.19 per share for the quarter. Best Buy has set its FY24 guidance at $6.00-6.40 EPS and its FY 2024 guidance at $6.00-$6.40 EPS.Individual interested in registering for the company’s earnings conference call can do so using this link.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, August 29th. The technology retailer reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.16. The business had revenue of $9.58 billion for the quarter, compared to analyst estimates of $9.52 billion. Best Buy had a net margin of 2.91% and a return on equity of 49.40%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 EPS. 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 Stock Down 0.4 %

BBY stock opened at $63.84 on Tuesday. The company has a market cap of $13.89 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.68 and a beta of 1.53. The company has a current ratio of 0.98, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. Best Buy has a 12 month low of $62.30 and a 12 month high of $93.32. The firm has a 50-day moving average of $69.00 and a two-hundred day moving average of $74.47.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th were given a dividend of $0.92 per share. The ex-dividend date of this dividend was Monday, September 18th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.76%. Best Buy’s payout ratio is currently 63.34%.

Analyst Upgrades and Downgrades

BBY has been the subject of several recent research reports. Guggenheim reissued a “buy” rating and issued a $86.00 price target on shares of Best Buy in a research report on Wednesday, August 30th. TheStreet upgraded Best Buy from a “c” rating to a “b-” rating in a research note on Tuesday, August 29th. UBS Group reduced their target price on shares of Best Buy from $85.00 to $76.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com started coverage on shares of Best Buy in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Telsey Advisory Group boosted their target price on shares of Best Buy from $78.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $78.27.

Insider Transactions at Best Buy

In other news, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the completion of the sale, the insider now owns 13,337 shares in the company, valued at $925,321.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, insider Todd G. Hartman sold 7,948 shares of the stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $69.38, for a total value of $551,432.24. Following the completion of the transaction, the insider now owns 13,337 shares in the company, valued at $925,321.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $71.18, for a total value of $355,900.00. Following the completion of the transaction, the insider now owns 21,285 shares of the company’s stock, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Best Buy

A number of large investors have recently made changes to their positions in BBY. Price T Rowe Associates Inc. MD lifted its position in Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after buying an additional 2,409,006 shares during the period. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter worth about $161,121,000. Renaissance Technologies LLC raised its holdings in shares of Best Buy by 1,079.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after purchasing an additional 1,217,900 shares during the period. Capital World Investors purchased a new position in shares of Best Buy in the 1st quarter worth about $99,081,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Best Buy by 1,155.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,054,536 shares of the technology retailer’s stock valued at $84,584,000 after buying an additional 970,559 shares during the period. Institutional investors and hedge funds own 76.10% of the company’s stock.

About Best Buy

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.