Best Buy (NYSE:BBY) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Best Buy (NYSE:BBY – Get Rating) posted its quarterly earnings data on Thursday. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03, Briefing.com reports. Best Buy had a return on equity of 55.81% and a net margin of 3.06%. The business had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same period last year, the company earned $1.57 earnings per share. Best Buy’s quarterly revenue was down 11.1% on a year-over-year basis. Best Buy updated its FY24 guidance to $5.70-6.50 EPS.

Best Buy Stock Performance

Shares of NYSE BBY opened at $73.40 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41. The firm has a market cap of $16.05 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.40 and a beta of 1.50. The stock’s fifty day moving average price is $73.76 and its two-hundred day moving average price is $79.02. Best Buy has a one year low of $60.78 and a one year high of $93.32.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Thursday, June 15th will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 5.01%. Best Buy’s payout ratio is currently 58.51%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. StockNews.com initiated coverage on shares of Best Buy in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Wedbush lowered their target price on Best Buy from $85.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, May 18th. Truist Financial increased their price target on Best Buy from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, March 3rd. Telsey Advisory Group lowered Best Buy from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $88.00 to $83.00 in a research report on Monday, February 27th. Finally, Credit Suisse Group cut their price objective on Best Buy from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, March 3rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $80.00.

Insider Transactions at Best Buy

In related news, EVP Damien Harmon sold 5,500 shares of the firm’s stock in a transaction dated Friday, April 14th. The shares were sold at an average price of $73.21, for a total transaction of $402,655.00. Following the transaction, the executive vice president now directly owns 41,489 shares of the company’s stock, valued at $3,037,409.69. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Corie S. Barry sold 25,511 shares of the company’s stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the completion of the sale, the chief executive officer now owns 364,041 shares of the company’s stock, valued at approximately $28,376,995.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Damien Harmon sold 5,500 shares of Best Buy stock in a transaction that occurred on Friday, April 14th. The shares were sold at an average price of $73.21, for a total transaction of $402,655.00. Following the completion of the transaction, the executive vice president now directly owns 41,489 shares in the company, valued at $3,037,409.69. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,774 shares of company stock valued at $4,477,413. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently modified their holdings of the business. Clear Street Markets LLC raised its stake in Best Buy by 90.6% during the first quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 183 shares in the last quarter. Quarry LP bought a new stake in Best Buy during the 1st quarter worth approximately $48,000. Clearstead Advisors LLC increased its holdings in Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Best Buy in the first quarter valued at about $71,000. Finally, Industrial Alliance Investment Management Inc. increased its position in Best Buy by 421.9% during the 4th quarter. Industrial Alliance Investment Management Inc. now owns 1,289 shares of the technology retailer’s stock valued at $103,000 after purchasing an additional 1,042 shares during the period. Institutional investors own 78.48% of the company’s stock.

About Best Buy

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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 includes 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.