Best Buy Co., Inc. (NYSE:BBY) – Analysts at Piper Sandler raised their Q3 2022 earnings per share (EPS) estimates for Best Buy in a report issued on Sunday, November 21st. Piper Sandler analyst P. Keith now expects that the technology retailer will post earnings of $2.27 per share for the quarter, up from their previous estimate of $2.07. Piper Sandler has a “Buy” rating and a $155.00 price target on the stock. Piper Sandler also issued estimates for Best Buy’s FY2022 earnings at $10.93 EPS, Q1 2023 earnings at $1.97 EPS and FY2023 earnings at $10.36 EPS. Best Buy (NYSE:BBY) last announced its quarterly earnings data on Monday, August 23rd. The technology retailer reported $2.98 EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to the consensus estimate of $11.54 billion. During the same period in the previous year, the firm posted $1.71 earnings per share. The firm’s revenue was up 19.6% on a year-over-year basis.
A number of other research analysts also recently commented on BBY. Wells Fargo & Company boosted their price objective on shares of Best Buy from $125.00 to $135.00 and gave the company an “equal weight” rating in a research report on Thursday, November 18th. DA Davidson raised shares of Best Buy to a “buy” rating in a research report on Wednesday, August 25th. Jefferies Financial Group boosted their target price on shares of Best Buy from $136.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Zacks Investment Research reissued a “buy” rating on shares of Best Buy in a research report on Friday, September 10th. Finally, Citigroup raised shares of Best Buy to a “buy” rating and boosted their target price for the stock from $109.00 to $115.00 in a research report on Wednesday, August 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $128.31.
Shares of BBY opened at $138.00 on Tuesday. The company’s 50 day moving average price is $117.70 and its 200 day moving average price is $115.49. Best Buy has a 52 week low of $95.93 and a 52 week high of $141.97. The company has a market capitalization of $33.94 billion, a PE ratio of 14.08, a PEG ratio of 1.79 and a beta of 1.57. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.54 and a current ratio of 1.16.
In related news, insider Robert L. Bass sold 5,823 shares of the business’s stock in a transaction that occurred on Wednesday, October 13th. The shares were sold at an average price of $110.51, for a total value of $643,499.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 5,957 shares of company stock valued at $657,868 in the last 90 days. 0.36% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of BBY. Amundi bought a new position in Best Buy in the 2nd quarter worth approximately $272,224,000. Franklin Resources Inc. raised its position in shares of Best Buy by 1,039.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,980,368 shares of the technology retailer’s stock valued at $209,345,000 after acquiring an additional 1,806,513 shares during the last quarter. HS Management Partners LLC bought a new stake in shares of Best Buy during the 2nd quarter valued at $190,808,000. Bahl & Gaynor Inc. raised its position in shares of Best Buy by 233.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 1,097,346 shares of the technology retailer’s stock valued at $126,173,000 after acquiring an additional 768,715 shares during the last quarter. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of Best Buy during the 2nd quarter valued at $50,580,000. Hedge funds and other institutional investors own 78.50% 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.