Best Buy Co., Inc. (NYSE:BBY – Get Rating) – Equities research analysts at Jefferies Financial Group increased their Q4 2023 EPS estimates for shares of Best Buy in a report issued on Tuesday, May 24th. Jefferies Financial Group analyst J. Matuszewski now forecasts that the technology retailer will post earnings of $3.19 per share for the quarter, up from their prior forecast of $3.07. Jefferies Financial Group has a “Buy” rating and a $140.00 price objective on the stock.
BBY has been the subject of a number of other reports. Guggenheim decreased their price target on Best Buy from $130.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday. Piper Sandler lowered their target price on shares of Best Buy to $91.00 in a research note on Wednesday. StockNews.com lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday. Wedbush lowered their target price on Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Barclays downgraded Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price target on the stock. in a report on Wednesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.67.
Best Buy (NYSE:BBY – Get Rating) last issued its quarterly earnings results on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $10.43 billion. During the same period in the prior year, the company posted $2.23 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Monday, June 13th. This represents a $3.52 annualized dividend and a dividend yield of 4.29%. Best Buy’s dividend payout ratio is currently 35.77%.
In other news, insider Brian A. Tilzer sold 4,259 shares of the company’s stock in a transaction dated Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total value of $421,896.54. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd G. Hartman sold 1,188 shares of the firm’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $95.72, for a total transaction of $113,715.36. Following the sale, the insider now owns 34,513 shares of the company’s stock, valued at $3,303,584.36. The disclosure for this sale can be found here. Insiders sold 36,955 shares of company stock worth $3,662,097 in the last ninety days. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Leuthold Group LLC raised its stake in shares of Best Buy by 0.3% in the 3rd quarter. Leuthold Group LLC now owns 26,301 shares of the technology retailer’s stock valued at $2,780,000 after acquiring an additional 81 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Best Buy by 2.0% in the third quarter. Cetera Investment Advisers now owns 4,332 shares of the technology retailer’s stock worth $458,000 after buying an additional 83 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Best Buy by 1.3% during the 3rd quarter. MML Investors Services LLC now owns 6,620 shares of the technology retailer’s stock worth $700,000 after buying an additional 84 shares during the period. Stonebridge Capital Advisors LLC raised its holdings in Best Buy by 65.4% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 100 shares during the period. Finally, Baker Tilly Wealth Management LLC boosted its holdings in 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 acquiring an additional 106 shares during the period. Hedge funds and other institutional investors own 80.79% of the company’s stock.
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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