Best Buy Co., Inc. (NYSE:BBY – Get Rating) – Stock analysts at Jefferies Financial Group increased their FY2023 earnings estimates for Best Buy in a research report issued on Tuesday, November 22nd. Jefferies Financial Group analyst J. Matuszewski now forecasts that the technology retailer will post earnings per share of $6.64 for the year, up from their previous forecast of $6.14. Jefferies Financial Group has a “Hold” rating and a $71.00 price objective on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.20 per share. Jefferies Financial Group also issued estimates for Best Buy’s Q4 2023 earnings at $2.17 EPS, Q2 2024 earnings at $1.61 EPS and FY2024 earnings at $7.00 EPS.
Other research analysts have also issued research reports about the stock. Guggenheim lowered their target price on shares of Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, August 1st. JPMorgan Chase & Co. reduced their price target on shares of Best Buy from $85.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, November 18th. DA Davidson reduced their price target on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. UBS Group increased their price target on shares of Best Buy to $80.00 in a research report on Thursday. Finally, Wells Fargo & Company reduced their price target on shares of Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 28th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus price target of $81.44.
Best Buy Trading Up 3.1 %
Best Buy (NYSE:BBY – Get Rating) last announced its earnings results on Tuesday, November 22nd. The technology retailer reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.35. The company had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a net margin of 3.23% and a return on equity of 57.26%. Best Buy’s revenue was down 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 earnings per share.
Best Buy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Monday, December 12th. This represents a $3.52 annualized dividend and a yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is 52.69%.
Insider Activity at Best Buy
In related news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the sale, the executive vice president now owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the sale, the executive vice president now owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares in the company, valued at approximately $3,439,207.80. The disclosure for this sale can be found here. Insiders have sold a total of 26,533 shares of company stock valued at $1,925,382 over the last 90 days. 0.44% of the stock is owned by corporate insiders.
Institutional Trading of Best Buy
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Price T Rowe Associates Inc. MD raised its holdings in Best Buy by 1,434.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock worth $315,901,000 after purchasing an additional 4,530,018 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Best Buy during the second quarter worth approximately $116,725,000. Ceredex Value Advisors LLC purchased a new position in shares of Best Buy during the third quarter worth approximately $92,076,000. State Street Corp grew its position in shares of Best Buy by 12.7% during the third quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock worth $664,704,000 after acquiring an additional 1,169,374 shares during the last quarter. Finally, Capital World Investors purchased a new position in shares of Best Buy during the first quarter worth approximately $99,081,000. Institutional investors and hedge funds own 79.86% of the company’s stock.
Best Buy Company Profile
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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