Best Buy (NYSE:BBY) Releases FY 2023 Earnings Guidance

Best Buy (NYSE:BBYGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $8.40-$9.00 for the period, compared to the consensus earnings per share estimate of $8.90. The company issued revenue guidance of $48.30 billion-$49.90 billion, compared to the consensus revenue estimate of $50.12 billion.

Shares of BBY opened at $79.27 on Tuesday. Best Buy has a 12-month low of $69.07 and a 12-month high of $141.97. The business’s fifty day moving average is $88.40 and its 200 day moving average is $96.71. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42. The stock has a market cap of $17.85 billion, a P/E ratio of 8.80, a P/E/G ratio of 0.96 and a beta of 1.42.

Best Buy (NYSE:BBYGet Rating) last issued its earnings results 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). Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The firm had revenue of $10.65 billion during the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the prior year, the business earned $2.23 earnings per share. Best Buy’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, analysts expect that Best Buy will post 8.68 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.44%. The ex-dividend date is Monday, June 13th. Best Buy’s dividend payout ratio (DPR) is presently 39.07%.

Several equities analysts have weighed in on BBY shares. Barclays cut Best Buy from an overweight rating to an equal weight rating and set a $80.00 price objective on the stock. in a research note on Wednesday, May 25th. Wells Fargo & Company dropped their price objective on Best Buy to $82.00 in a research note on Wednesday, May 25th. StockNews.com cut Best Buy from a buy rating to a hold rating in a research note on Friday, May 27th. Citigroup dropped their price objective on Best Buy from $80.00 to $65.00 and set a sell rating on the stock in a research note on Wednesday, May 25th. Finally, JPMorgan Chase & Co. lowered their target price on Best Buy from $134.00 to $107.00 and set a buy rating on the stock in a research note on Monday, February 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $94.88.

In other Best Buy news, CAO Mathew Watson sold 2,331 shares of Best Buy stock in a transaction dated Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total transaction of $230,908.86. 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 1,188 shares of Best Buy stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $95.72, for a total value of $113,715.36. Following the transaction, 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. In the last three months, insiders sold 95,522 shares of company stock valued at $8,387,282. 0.44% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Capital World Investors purchased a new position in shares of Best Buy during the first quarter worth about $99,081,000. Worldquant Millennium Advisors LLC grew its holdings in shares of Best Buy by 74.3% during the first quarter. Worldquant Millennium Advisors LLC now owns 207,135 shares of the technology retailer’s stock worth $18,829,000 after purchasing an additional 88,295 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Best Buy by 276.5% during the first quarter. Wealthfront Advisers LLC now owns 20,220 shares of the technology retailer’s stock worth $1,838,000 after purchasing an additional 14,849 shares in the last quarter. Avalon Investment & Advisory purchased a new position in shares of Best Buy during the first quarter worth about $14,487,000. Finally, Virtu Financial LLC purchased a new position in shares of Best Buy during the first quarter worth about $1,184,000. 80.79% of the stock is owned by institutional investors and hedge funds.

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

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