Best Buy Co., Inc. (NYSE:BBY) – Analysts at Oppenheimer reduced their Q4 2022 EPS estimates for Best Buy in a research report issued to clients and investors on Tuesday, September 7th. Oppenheimer analyst B. Nagel now anticipates that the technology retailer will post earnings per share of $2.77 for the quarter, down from their prior forecast of $2.81. Best Buy (NYSE:BBY) last posted its earnings results on Monday, August 23rd. The technology retailer reported $2.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $1.09. Best Buy had a net margin of 4.85% and a return on equity of 64.85%. The firm had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.54 billion. During the same quarter in the prior year, the business posted $1.71 EPS. The business’s revenue was up 19.6% compared to the same quarter last year.
Several other research firms have also issued reports on BBY. DA Davidson upgraded shares of Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Wedbush upgraded shares of Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Citigroup raised shares of Best Buy to a “buy” rating and boosted their price target for the stock from $109.00 to $115.00 in a report on Wednesday, August 25th. Telsey Advisory Group boosted their price target on shares of Best Buy from $140.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, August 25th. Finally, Jefferies Financial Group boosted their price target on shares of Best Buy from $136.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $127.44.
NYSE BBY opened at $110.99 on Thursday. Best Buy has a 1 year low of $95.93 and a 1 year high of $128.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.16 and a quick ratio of 0.54. The firm has a market cap of $27.30 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 1.41 and a beta of 1.52. The company has a fifty day moving average price of $113.58 and a 200-day moving average price of $114.44.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 5th. Investors of record on Tuesday, September 14th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Monday, September 13th. Best Buy’s dividend payout ratio (DPR) is 35.40%.
In related news, insider Kathleen Scarlett sold 7,855 shares of the company’s stock in a transaction that occurred on Friday, June 11th. The shares were sold at an average price of $112.65, for a total value of $884,865.75. Following the transaction, the insider now directly owns 68,227 shares in the company, valued at $7,685,771.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Matthew M. Bilunas sold 819 shares of the stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $113.16, for a total transaction of $92,678.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,069 shares of company stock worth $5,456,544. 0.36% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BBY. Concord Wealth Partners bought a new position in Best Buy during the first quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Best Buy in the first quarter worth approximately $31,000. MV Capital Management Inc. grew its holdings in shares of Best Buy by 64.2% in the second quarter. MV Capital Management Inc. now owns 266 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 104 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of Best Buy by 279.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 300 shares of the technology retailer’s stock worth $34,000 after purchasing an additional 221 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Best Buy by 37.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 390 shares of the technology retailer’s stock worth $45,000 after purchasing an additional 107 shares during the last quarter. Institutional investors and hedge funds own 76.10% of the company’s stock.
About Best Buy
Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.