Best Buy Co., Inc. (NYSE:BBY – Get Rating) – Equities researchers at DA Davidson lowered their Q2 2023 earnings per share estimates for Best Buy in a research report issued on Thursday, July 28th. DA Davidson analyst M. Baker now forecasts that the technology retailer will earn $1.27 per share for the quarter, down from their prior estimate of $1.98. DA Davidson has a “Buy” rating and a $110.00 price target on the stock. The consensus estimate for Best Buy’s current full-year earnings is $8.66 per share. DA Davidson also issued estimates for Best Buy’s FY2023 earnings at $6.08 EPS and FY2024 earnings at $7.33 EPS.
A number of other brokerages have also recently commented on BBY. UBS Group reduced their price target on Best Buy from $80.00 to $76.00 and set a “neutral” rating for the company in a research report on Thursday. Piper Sandler cut their target price on Best Buy to $91.00 in a research report on Wednesday, May 25th. Morgan Stanley reiterated a “maintains” rating and set a $82.00 target price (down previously from $90.00) on shares of Best Buy in a research report on Thursday. The Goldman Sachs Group reiterated a “sell” rating and set a $82.00 target price (down previously from $96.00) on shares of Best Buy in a research report on Tuesday, June 7th. Finally, Citigroup reiterated a “buy” rating on shares of Best Buy in a research report on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $88.13.
Best Buy Stock Performance
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 $1.59 by ($0.02). The company had revenue of $10.65 billion during the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.23 EPS.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Best Buy in the 4th quarter worth $251,898,000. Capital World Investors acquired a new stake in shares of Best Buy in the 1st quarter worth $99,081,000. First Trust Advisors LP boosted its position in shares of Best Buy by 37.2% in the 4th quarter. First Trust Advisors LP now owns 1,939,489 shares of the technology retailer’s stock worth $197,052,000 after purchasing an additional 526,208 shares in the last quarter. Invesco Ltd. boosted its position in shares of Best Buy by 24.6% in the 1st quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock worth $191,643,000 after purchasing an additional 416,531 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Best Buy by 58.7% in the 1st quarter. Victory Capital Management Inc. now owns 868,739 shares of the technology retailer’s stock worth $78,126,000 after purchasing an additional 321,332 shares in the last quarter. 80.79% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $132,799.28. Following the completion of the sale, the insider now directly owns 39,030 shares of the company’s stock, valued at approximately $3,148,940.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, insider Allison Peterson sold 1,646 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $80.68, for a total transaction of $132,799.28. Following the transaction, the insider now directly owns 39,030 shares in the company, valued at approximately $3,148,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard M. Schulze acquired 250,000 shares of Best Buy stock in a transaction on Wednesday, May 25th. The shares were purchased at an average price of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the acquisition, the chairman now directly owns 20,464,051 shares in the company, valued at $1,628,938,459.60. The disclosure for this purchase can be found here. In the last three months, insiders sold 63,011 shares of company stock valued at $5,036,334. Insiders own 0.44% of the company’s stock.
Best Buy Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend was Monday, June 13th. Best Buy’s dividend payout ratio is currently 39.07%.
About Best Buy
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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