Best Buy (NYSE:BBY) Issues Earnings Results, Beats Estimates By $0.35 EPS

Best Buy (NYSE:BBYGet Rating) posted its quarterly earnings data on Tuesday. The technology retailer reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.35, RTT News reports. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The company had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. During the same quarter last year, the company earned $2.08 EPS. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis.

Best Buy Stock Performance

NYSE BBY traded up $2.51 on Thursday, hitting $82.39. 6,270,950 shares of the company traded hands, compared to its average volume of 3,555,419. The company has a market capitalization of $18.55 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 0.73 and a beta of 1.46. The company has a current ratio of 0.98, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average price is $68.00 and its 200-day moving average price is $73.04. Best Buy has a 52-week low of $60.78 and a 52-week high of $121.87.

Best Buy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, December 12th. This represents a $3.52 annualized dividend and a yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 52.69%.

Wall Street Analyst Weigh In

BBY has been the subject of a number of analyst reports. Guggenheim reduced their price objective on Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, August 1st. StockNews.com began coverage on Best Buy in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Piper Sandler cut their target price on Best Buy from $91.00 to $84.00 and set an “overweight” rating on the stock in a research note on Monday, August 8th. Wells Fargo & Company cut their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 28th. Finally, UBS Group cut their target price on Best Buy from $80.00 to $76.00 and set a “neutral” rating on the stock in a research note on Thursday, July 28th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Best Buy has a consensus rating of “Moderate Buy” and a consensus price target of $80.75.

Insider Activity at Best Buy

In related news, EVP Damien Harmon sold 1,308 shares of Best Buy stock in a transaction on Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the transaction, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares in the company, valued at $3,625,809.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,533 shares of company stock worth $1,925,382. Corporate insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in Best Buy by 6.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock valued at $338,235,000 after acquiring an additional 236,513 shares during the period. Northern Trust Corp increased its holdings in shares of Best Buy by 4.8% in the first quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock worth $333,796,000 after purchasing an additional 168,940 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Best Buy by 21.7% in the first quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock worth $214,490,000 after purchasing an additional 420,134 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Best Buy by 24.6% in the first quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock worth $191,643,000 after purchasing an additional 416,531 shares during the last quarter. Finally, Capital World Investors bought a new stake in shares of Best Buy in the first quarter worth about $99,081,000. 79.86% of the stock is owned by institutional investors.

About Best Buy

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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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