Telsey Advisory Group Research Analysts Increase Earnings Estimates for Best Buy Co., Inc. (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Analysts at Telsey Advisory Group raised their FY2023 earnings per share (EPS) estimates for shares of Best Buy in a note issued to investors on Tuesday, November 22nd. Telsey Advisory Group analyst J. Feldman now expects that the technology retailer will post earnings of $6.61 per share for the year, up from their prior estimate of $6.11. Telsey Advisory Group has a “Outperform” rating and a $88.00 price objective on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.20 per share. Telsey Advisory Group also issued estimates for Best Buy’s Q4 2023 earnings at $2.12 EPS, Q1 2024 earnings at $1.57 EPS, Q2 2024 earnings at $1.62 EPS, Q4 2024 earnings at $2.41 EPS, FY2024 earnings at $7.27 EPS and FY2025 earnings at $8.29 EPS.

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

BBY has been the subject of a number of other research reports. UBS Group boosted their target price on Best Buy to $80.00 in a research report on Thursday. DA Davidson reduced their price target on shares of Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. JPMorgan Chase & Co. reduced their price target on shares of Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, November 18th. The Goldman Sachs Group upped their price target on shares of Best Buy from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Citigroup upped their price target on shares of Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Best Buy presently has an average rating of “Moderate Buy” and a consensus target price of $81.44.

Best Buy Price Performance

Shares of NYSE:BBY opened at $82.39 on Thursday. Best Buy has a fifty-two week low of $60.78 and a fifty-two week high of $121.87. The business has a 50-day simple moving average of $68.17 and a two-hundred day simple moving average of $73.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.98. The firm has a market cap of $18.55 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.46.

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now directly owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the company’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 value of $100,166.64. Following the completion of the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at approximately $3,439,207.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the completion of the transaction, the executive vice president now owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,533 shares of company stock worth $1,925,382. 0.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Best Buy by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 26,161,759 shares of the technology retailer’s stock valued at $1,657,087,000 after acquiring an additional 131,280 shares during the last quarter. State Street Corp boosted its position in shares of Best Buy by 12.7% during the 3rd quarter. State Street Corp now owns 10,350,936 shares of the technology retailer’s stock valued at $664,704,000 after acquiring an additional 1,169,374 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Best Buy by 43.3% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 6,945,507 shares of the technology retailer’s stock valued at $439,930,000 after acquiring an additional 2,099,663 shares during the last quarter. Northern Trust Corp boosted its position in shares of Best Buy by 2.0% during the 2nd quarter. Northern Trust Corp now owns 3,744,729 shares of the technology retailer’s stock valued at $244,119,000 after acquiring an additional 72,608 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Best Buy by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after acquiring an additional 236,513 shares during the last quarter. 79.86% of the stock is currently owned by institutional investors.

Best Buy Company Profile

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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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