FY2023 EPS Estimates for Best Buy Co., Inc. Lifted by Analyst (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Analysts at DA Davidson increased their FY2023 earnings per share estimates for shares of Best Buy in a report released on Wednesday, November 23rd. DA Davidson analyst M. Baker now anticipates that the technology retailer will earn $6.60 per share for the year, up from their previous estimate of $6.21. DA Davidson currently has a “Buy” rating and a $99.00 price target on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.20 per share. DA Davidson also issued estimates for Best Buy’s Q4 2023 earnings at $2.12 EPS.

A number of other brokerages also recently commented on BBY. Wedbush upped their price objective on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Telsey Advisory Group upped their price objective on Best Buy from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday. UBS Group upped their price objective on Best Buy to $80.00 in a research note on Thursday. StockNews.com assumed coverage on Best Buy in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Morgan Stanley decreased their price target on Best Buy from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 31st. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and an average target price of $81.44.

Best Buy Price Performance

Shares of BBY opened at $82.39 on Thursday. The company has a market cap of $18.55 billion, a P/E ratio of 12.33, a PEG ratio of 0.73 and a beta of 1.46. The stock has a fifty day moving average price of $68.17 and a 200 day moving average price of $73.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.98 and a quick ratio of 0.27. Best Buy has a 12 month low of $60.78 and a 12 month high of $121.87.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The technology retailer reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.35. The firm had revenue of $10.59 billion during the quarter, compared to the consensus estimate of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The firm’s revenue was down 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.08 EPS.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently bought and sold shares of BBY. Price T Rowe Associates Inc. MD lifted its stake in Best Buy by 1,434.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer’s stock worth $315,901,000 after acquiring an additional 4,530,018 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Best Buy in the 2nd quarter worth about $116,725,000. Ceredex Value Advisors LLC purchased a new stake in Best Buy in the 3rd quarter worth about $92,076,000. State Street Corp lifted its stake in Best Buy by 12.7% in the 3rd 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 in the last quarter. Finally, Capital World Investors purchased a new stake in Best Buy in the 1st quarter worth about $99,081,000. 79.86% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the completion of the sale, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Damien Harmon sold 1,308 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the completion of the sale, the executive vice president now directly owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The disclosure for this sale can be found here. Insiders sold a total of 26,533 shares of company stock valued at $1,925,382 over the last three months. Insiders own 0.44% of the company’s stock.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Tuesday, December 13th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Monday, December 12th. Best Buy’s dividend payout ratio is 52.69%.

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.

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

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