Best Buy (NYSE:BBY) Posts Earnings Results, Misses Estimates By $0.04 EPS

Best Buy (NYSE:BBYGet Rating) announced its earnings results on Tuesday. The technology retailer reported $1.57 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.04), MarketWatch Earnings reports. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The business had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. During the same quarter last year, the firm earned $2.23 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. Best Buy updated its FY 2023 guidance to $8.40-$9.00 EPS and its FY23 guidance to $8.40-9.00 EPS.

NYSE:BBY traded up $2.34 during trading hours on Thursday, hitting $82.40. The company’s stock had a trading volume of 105,105 shares, compared to its average volume of 3,312,192. The stock has a market capitalization of $18.54 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 0.86 and a beta of 1.42. The stock has a fifty day moving average of $91.10 and a 200-day moving average of $100.10. The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.40. Best Buy has a 52-week low of $69.07 and a 52-week high of $141.97.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 4.27%. The ex-dividend date is Monday, June 13th. Best Buy’s dividend payout ratio (DPR) is presently 35.77%.

In related news, CAO Mathew Watson sold 2,331 shares of the firm’s stock in a transaction dated Tuesday, March 22nd. The stock was sold at an average price of $99.06, for a total transaction of $230,908.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Brian A. Tilzer sold 4,259 shares of Best Buy stock in a transaction that occurred on Tuesday, March 22nd. The shares were sold at an average price of $99.06, for a total transaction of $421,896.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,955 shares of company stock worth $3,662,097. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Capital World Investors acquired a new stake in shares of Best Buy during the 1st quarter valued at approximately $99,081,000. Worldquant Millennium Advisors LLC grew its stake in Best Buy by 74.3% in the 1st quarter. Worldquant Millennium Advisors LLC now owns 207,135 shares of the technology retailer’s stock worth $18,829,000 after acquiring an additional 88,295 shares during the period. Wealthfront Advisers LLC grew its stake in Best Buy by 276.5% in the 1st quarter. Wealthfront Advisers LLC now owns 20,220 shares of the technology retailer’s stock worth $1,838,000 after acquiring an additional 14,849 shares during the period. Avalon Investment & Advisory purchased a new stake in Best Buy in the 1st quarter worth approximately $14,487,000. Finally, Virtu Financial LLC purchased a new stake in Best Buy in the 1st quarter worth approximately $1,184,000. Institutional investors own 80.79% of the company’s stock.

BBY has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their price target on Best Buy from $134.00 to $107.00 and set a “buy” rating for the company in a research report on Monday, February 28th. UBS Group decreased their price objective on Best Buy to $80.00 in a report on Wednesday. Barclays cut Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price target for the company. in a report on Wednesday. Telsey Advisory Group reduced their price target on Best Buy from $130.00 to $90.00 and set an “outperform” rating for the company in a report on Friday, May 20th. Finally, Bank of America reduced their price target on Best Buy from $175.00 to $147.00 and set a “buy” rating for the company in a report on Monday, February 28th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $95.67.

About Best Buy (Get Rating)

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

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Earnings History for Best Buy (NYSE:BBY)

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