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

Best Buy (NYSE:BBYGet Rating) posted its earnings results on Tuesday. The technology retailer reported $1.38 EPS for the quarter, topping the consensus estimate 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 business had revenue of $10.59 billion during the quarter, compared to the consensus estimate of $10.30 billion. During the same quarter last year, the company earned $2.08 EPS. Best Buy’s revenue was down 11.1% on a year-over-year basis.

Best Buy Stock Performance

BBY stock opened at $82.39 on Thursday. The business’s 50-day moving average price is $68.00 and its two-hundred day moving average price is $73.04. 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 firm has a market cap of $18.55 billion, a PE ratio of 12.33, a P/E/G ratio of 0.73 and a beta of 1.46. Best Buy has a 1-year low of $60.78 and a 1-year high of $121.87.

Best Buy Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BBY shares. Bank of America raised their price target on Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday. Wedbush raised their price target on Best Buy from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler lowered their target price on Best Buy from $91.00 to $84.00 and set an “overweight” rating for the company in a research note on Monday, August 8th. UBS Group lowered their target price on Best Buy from $80.00 to $76.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. Finally, DA Davidson lowered their target price on Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, August 31st. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $80.75.

Insiders Place Their Bets

In other Best Buy news, EVP Damien Harmon sold 1,308 shares of Best Buy 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 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 filing with the SEC, which is accessible through this hyperlink. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of Best Buy 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 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 filing with the SEC, which is accessible through this hyperlink. Also, EVP Kathleen Scarlett sold 25,071 shares of the business’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 completion of the sale, the executive vice president now 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 ninety days, insiders have sold 26,533 shares of company stock worth $1,925,382. Corporate insiders own 0.44% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.8% in 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 purchasing an additional 236,513 shares in the last quarter. Northern Trust Corp lifted 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 valued at $333,796,000 after purchasing an additional 168,940 shares in the last quarter. First Trust Advisors LP lifted 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 valued at $214,490,000 after purchasing an additional 420,134 shares in the last quarter. Invesco Ltd. lifted 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 valued at $191,643,000 after purchasing an additional 416,531 shares in the last quarter. Finally, Capital World Investors bought a new stake in shares of Best Buy in the first quarter valued at about $99,081,000. 79.86% of the stock is currently 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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