Best Buy Co., Inc. (NYSE:BBY) to Post FY2022 Earnings of $10.00 Per Share, Truist Securities Forecasts

Best Buy Co., Inc. (NYSE:BBY) – Equities research analysts at Truist Securities issued their FY2022 earnings per share estimates for Best Buy in a research report issued to clients and investors on Wednesday, January 12th. Truist Securities analyst S. Ciccarelli expects that the technology retailer will post earnings of $10.00 per share for the year. Truist Securities currently has a “Hold” rating and a $108.00 price target on the stock. Truist Securities also issued estimates for Best Buy’s Q4 2022 earnings at $2.71 EPS, Q1 2023 earnings at $1.69 EPS, Q2 2023 earnings at $2.27 EPS, Q3 2023 earnings at $2.26 EPS, Q4 2023 earnings at $3.53 EPS, FY2023 earnings at $9.70 EPS, Q1 2024 earnings at $1.78 EPS, Q2 2024 earnings at $2.48 EPS, Q3 2024 earnings at $2.53 EPS and FY2024 earnings at $10.70 EPS.

Several other analysts have also weighed in on the company. Wells Fargo & Company reaffirmed a “buy” rating on shares of Best Buy in a research note on Wednesday, January 5th. Jefferies Financial Group reduced their price objective on Best Buy from $145.00 to $137.00 and set a “buy” rating on the stock in a research note on Wednesday, November 24th. Piper Sandler raised Best Buy to a “buy” rating and raised their price objective for the company from $150.00 to $155.00 in a research note on Tuesday, October 26th. Zacks Investment Research lowered Best Buy from a “buy” rating to a “hold” rating and set a $122.00 price target on the stock. in a research note on Monday, November 29th. Finally, Bank of America raised Best Buy to a “buy” rating and lifted their price target for the company from $157.00 to $175.00 in a research note on Wednesday, November 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $127.18.

NYSE:BBY opened at $100.04 on Friday. The stock’s 50-day simple moving average is $110.39 and its 200 day simple moving average is $112.34. The firm has a market capitalization of $24.07 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 1.12 and a beta of 1.54. The company has a quick ratio of 0.42, a current ratio of 1.13 and a debt-to-equity ratio of 0.29. Best Buy has a twelve month low of $94.54 and a twelve month high of $141.97.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 23rd. The technology retailer reported $2.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.13. The company had revenue of $11.91 billion for the quarter, compared to analysts’ expectations of $11.62 billion. Best Buy had a return on equity of 63.58% and a net margin of 5.05%. Best Buy’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $2.06 earnings per share.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 4th. Stockholders of record on Tuesday, December 14th were given a dividend of $0.70 per share. The ex-dividend date was Monday, December 13th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.80%. Best Buy’s dividend payout ratio (DPR) is 27.13%.

In other news, insider Damien Harmon sold 365 shares of the firm’s stock in a transaction dated Monday, January 10th. The stock was sold at an average price of $101.72, for a total transaction of $37,127.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of BBY. Amundi bought a new stake in Best Buy in the second quarter worth approximately $272,224,000. Franklin Resources Inc. increased its holdings in Best Buy by 1,039.1% in the third quarter. Franklin Resources Inc. now owns 1,980,368 shares of the technology retailer’s stock worth $209,345,000 after purchasing an additional 1,806,513 shares in the last quarter. HS Management Partners LLC bought a new stake in Best Buy in the second quarter worth approximately $190,808,000. First Trust Advisors LP increased its holdings in Best Buy by 49.2% in the second quarter. First Trust Advisors LP now owns 1,192,185 shares of the technology retailer’s stock worth $137,077,000 after purchasing an additional 393,159 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Best Buy by 122.2% in the second quarter. Renaissance Technologies LLC now owns 668,300 shares of the technology retailer’s stock worth $76,841,000 after purchasing an additional 367,500 shares in the last quarter. Institutional investors and hedge funds own 78.82% 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 and Estimates for Best Buy (NYSE:BBY)

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