Best Buy (NYSE:BBY) Posts Earnings Results, Beats Expectations By $0.13 EPS

Best Buy (NYSE:BBY) issued its quarterly earnings data on Monday. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.13, MarketWatch Earnings reports. Best Buy had a return on equity of 64.85% and a net margin of 4.85%. The company had revenue of $11.91 billion during the quarter, compared to analysts’ expectations of $11.62 billion. During the same quarter in the previous year, the company posted $2.06 earnings per share. The business’s revenue was up .5% on a year-over-year basis.

Shares of NYSE:BBY traded down $4.32 during trading on Wednesday, hitting $116.69. 5,964,862 shares of the company were exchanged, compared to its average volume of 2,487,114. The business’s 50 day moving average is $118.06 and its 200-day moving average is $115.49. The company has a market capitalization of $28.70 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 1.79 and a beta of 1.57. The company has a quick ratio of 0.54, a current ratio of 1.16 and a debt-to-equity ratio of 0.29. Best Buy has a 1-year low of $95.93 and a 1-year high of $141.97.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 4th. Stockholders of record on Tuesday, December 14th will be issued a dividend of $0.70 per share. The ex-dividend date is Monday, December 13th. This represents a $2.80 annualized dividend and a dividend yield of 2.40%. Best Buy’s dividend payout ratio (DPR) is presently 28.57%.

BBY has been the subject of several recent research reports. DA Davidson upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Telsey Advisory Group boosted their price target on Best Buy from $140.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday, August 25th. Piper Sandler upgraded Best Buy to a “buy” rating and boosted their price target for the company from $150.00 to $155.00 in a research note on Tuesday, October 26th. Jefferies Financial Group cut their price target on Best Buy from $145.00 to $137.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Citigroup cut their price target on Best Buy from $118.00 to $106.00 and set a “sell” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $128.38.

In other news, insider Robert L. Bass sold 5,823 shares of the company’s stock in a transaction on Wednesday, October 13th. The shares were sold at an average price of $110.51, for a total transaction of $643,499.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 5,957 shares of company stock valued at $657,868 over the last quarter. Company insiders own 0.36% 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.

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Earnings History for Best Buy (NYSE:BBY)

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