Equities Analysts Set Expectations for Best Buy Co., Inc.’s Q2 2023 Earnings (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY – Get Rating) – Research analysts at Jefferies Financial Group decreased their Q2 2023 EPS estimates for shares of Best Buy in a research report issued on Tuesday, May 24th. Jefferies Financial Group analyst J. Matuszewski now expects that the technology retailer will post earnings per share of $1.93 for the quarter, down from their previous estimate of $2.10. Jefferies Financial Group has a “Buy” rating and a $140.00 price target on the stock. Jefferies Financial Group also issued estimates for Best Buy’s Q3 2023 earnings at $2.16 EPS, FY2023 earnings at $8.80 EPS and FY2024 earnings at $10.60 EPS.

Best Buy (NYSE:BBY – Get Rating) last announced its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.04). Best Buy had a net margin of 4.74% and a return on equity of 63.23%. The business had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. During the same quarter in the previous year, the firm posted $2.23 earnings per share. The business’s revenue was down 8.5% on a year-over-year basis.

BBY has been the subject of several other reports. Telsey Advisory Group decreased their price objective on shares of Best Buy from $130.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, May 20th. Morgan Stanley decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an “equal weight” rating for the company in a research note on Wednesday. Guggenheim decreased their target price on shares of Best Buy from $130.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Bank of America decreased their target price on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating for the company in a research note on Monday, February 28th. Finally, Piper Sandler decreased their target price on shares of Best Buy to $91.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Buy” and a consensus price target of $96.47.

Shares of NYSE BBY opened at $80.06 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.40. Best Buy has a 12 month low of $69.07 and a 12 month high of $141.97. The company has a 50 day simple moving average of $91.10 and a two-hundred day simple moving average of $100.10. The stock has a market cap of $18.01 billion, a price-to-earnings ratio of 8.14, a PEG ratio of 0.86 and a beta of 1.42.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Counterpoint Mutual Funds LLC acquired a new position in Best Buy in the fourth quarter valued at about $25,000. Stonebridge Capital Advisors LLC lifted its position in shares of Best Buy by 65.4% during the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 100 shares in the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of Best Buy during the first quarter worth about $27,000. Concord Wealth Partners lifted its position in shares of Best Buy by 1,016.0% during the fourth quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock worth $28,000 after purchasing an additional 254 shares in the last quarter. Finally, Jacobi Capital Management LLC acquired a new stake in shares of Best Buy during the third quarter worth about $29,000. 80.79% of the stock is currently owned by institutional investors.

In related news, insider Todd G. Hartman sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total value of $203,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd G. Hartman sold 1,188 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 34,513 shares of the company’s stock, valued at approximately $3,303,584.36. The disclosure for this sale can be found here. Insiders have sold 36,955 shares of company stock valued at $3,662,097 in the last ninety days. Insiders own 0.36% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Monday, June 13th. Best Buy’s payout ratio is 35.77%.

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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