Analysts Issue Forecasts for Best Buy Co., Inc.’s Q2 2023 Earnings (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Analysts at DA Davidson issued their Q2 2023 earnings per share (EPS) estimates for shares of Best Buy in a research report issued on Thursday, May 26th. DA Davidson analyst M. Baker forecasts that the technology retailer will post earnings of $1.98 per share for the quarter. DA Davidson has a “Buy” rating and a $110.00 price objective on the stock.

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

Several other research analysts have also issued reports on the company. Piper Sandler decreased their target price on Best Buy to $91.00 in a research report on Wednesday. Morgan Stanley lowered their price target on Best Buy from $110.00 to $100.00 and set an “equal weight” rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their target price on Best Buy to $82.00 in a report on Wednesday. Bank of America dropped their price target on shares of Best Buy from $175.00 to $147.00 and set a “buy” rating for the company in a research report on Monday, February 28th. Finally, Guggenheim reduced their price objective on shares of Best Buy from $130.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.67.

BBY stock opened at $82.05 on Friday. The firm’s 50-day moving average price is $90.71 and its two-hundred day moving average price is $99.76. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 0.86 and a beta of 1.42. 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.

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. Leuthold Group LLC lifted its position in shares of Best Buy by 0.3% during the third quarter. Leuthold Group LLC now owns 26,301 shares of the technology retailer’s stock worth $2,780,000 after purchasing an additional 81 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Best Buy by 2.0% during the third quarter. Cetera Investment Advisers now owns 4,332 shares of the technology retailer’s stock valued at $458,000 after acquiring an additional 83 shares during the period. MML Investors Services LLC grew its position in Best Buy by 1.3% in the 3rd quarter. MML Investors Services LLC now owns 6,620 shares of the technology retailer’s stock worth $700,000 after purchasing an additional 84 shares during the last quarter. Stonebridge Capital Advisors LLC increased its position in Best Buy by 65.4% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock valued at $27,000 after acquiring an additional 100 shares during the period. Finally, Baker Tilly Wealth Management LLC raised its stake in shares of Best Buy by 4.2% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 2,627 shares of the technology retailer’s stock valued at $267,000 after purchasing an additional 106 shares in the last quarter. 80.79% of the stock is owned by institutional investors.

In other Best Buy news, insider Brian A. Tilzer sold 4,259 shares of the firm’s stock in a transaction dated Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $421,896.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 1,188 shares of the company’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $95.72, for a total value of $113,715.36. Following the completion of the sale, the insider now owns 34,513 shares in the company, valued at $3,303,584.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,955 shares of company stock valued at $3,662,097. Company 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 given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Monday, June 13th. Best Buy’s dividend payout ratio (DPR) is presently 35.77%.

Best Buy Company Profile (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.

Read More

Earnings History and Estimates for Best Buy (NYSE:BBY)

Want More Great Investing Ideas?

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.