Best Buy (NYSE:BBY) Issues FY24 Earnings Guidance

Best Buy (NYSE:BBY) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $6.00-$6.30 for the period, compared to the consensus estimate of $6.19. The company issued revenue guidance of $43.1-$43.7 billion, compared to the consensus revenue estimate of $44.14 billion.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup boosted their target price on Best Buy from $62.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, August 2nd. StockNews.com started coverage on Best Buy in a report on Thursday, October 5th. They set a hold rating on the stock. Guggenheim reiterated a buy rating and issued a $86.00 target price on shares of Best Buy in a report on Wednesday, August 30th. UBS Group dropped their target price on shares of Best Buy from $85.00 to $76.00 and set a neutral rating on the stock in a research report on Monday, November 13th. Finally, Truist Financial reduced their price target on shares of Best Buy from $80.00 to $74.00 and set a buy rating for the company in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $77.93.

Best Buy Trading Down 0.2 %

NYSE BBY opened at $68.11 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. Best Buy has a 1-year low of $62.30 and a 1-year high of $93.32. The firm’s fifty day simple moving average is $68.44 and its 200-day simple moving average is $74.28. The company has a market capitalization of $14.82 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.80 and a beta of 1.53.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 21st. The technology retailer reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The company had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.90 billion. During the same period in the prior year, the firm posted $1.38 EPS. The business’s revenue was down 7.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Best Buy will post 6.22 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 5.40%. Best Buy’s payout ratio is presently 63.34%.

Insiders Place Their Bets

In other news, insider Todd G. Hartman sold 7,948 shares of the firm’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $69.38, for a total transaction of $551,432.24. Following the transaction, the insider now owns 13,337 shares in the company, valued at approximately $925,321.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the completion of the sale, the insider now owns 13,337 shares in the company, valued at approximately $925,321.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 5,000 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $71.18, for a total value of $355,900.00. Following the transaction, the insider now directly owns 21,285 shares in the company, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Clear Street Markets LLC lifted its position in shares of Best Buy by 90.6% during the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 183 shares during the last quarter. Clearstead Advisors LLC grew its holdings in Best Buy by 30.5% in the 3rd quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after buying an additional 169 shares during the last quarter. Quarry LP bought a new position in Best Buy in the 1st quarter worth approximately $48,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Best Buy during the first quarter worth approximately $71,000. Finally, Industrial Alliance Investment Management Inc. boosted its position in shares of Best Buy by 421.9% in the fourth quarter. Industrial Alliance Investment Management Inc. now owns 1,289 shares of the technology retailer’s stock valued at $103,000 after acquiring an additional 1,042 shares during the period. 76.10% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phone 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 products, home theater, portable audio comprising headphones and portable speakers, and smart home products.