Best Buy (NYSE:BBY) Announces Earnings Results

Best Buy (NYSE:BBYGet Rating) released its earnings results on Tuesday. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.35, RTT News reports. Best Buy had a return on equity of 57.98% and a net margin of 3.60%. The business had revenue of $10.59 billion during the quarter, compared to the consensus estimate of $10.30 billion. During the same period last year, the business posted $2.08 earnings per share. The business’s revenue for the quarter was down 11.1% on a year-over-year basis.

Best Buy Stock Up 12.8 %

Shares of NYSE:BBY opened at $79.88 on Wednesday. Best Buy has a 1 year low of $60.78 and a 1 year high of $121.87. The company has a market cap of $17.98 billion, a PE ratio of 10.71, a P/E/G ratio of 0.66 and a beta of 1.46. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.96 and a quick ratio of 0.27. The stock’s 50-day moving average is $68.00 and its 200 day moving average is $73.04.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 11th. Investors of record on Tuesday, September 20th were issued a dividend of $0.88 per share. The ex-dividend date was Monday, September 19th. This represents a $3.52 dividend on an annualized basis and a yield of 4.41%. Best Buy’s dividend payout ratio is presently 47.18%.

Insider Activity at Best Buy

In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction that occurred 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 owns 44,910 shares in the company, valued at approximately $3,439,207.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the transaction, the executive vice president now owns 50,101 shares in the company, valued at approximately $3,625,809.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the transaction, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The disclosure for this sale can be found here. Insiders have sold a total of 26,533 shares of company stock worth $1,925,382 in the last 90 days. Company insiders own 0.44% of the company’s stock.

Institutional Trading of Best Buy

A number of hedge funds have recently made changes to their positions in BBY. Private Advisor Group LLC boosted its position in shares of Best Buy by 29.2% in the 1st quarter. Private Advisor Group LLC now owns 5,547 shares of the technology retailer’s stock worth $504,000 after purchasing an additional 1,252 shares in the last quarter. Yousif Capital Management LLC boosted its position in shares of Best Buy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 39,097 shares of the technology retailer’s stock worth $3,554,000 after purchasing an additional 415 shares in the last quarter. Aviva PLC boosted its position in shares of Best Buy by 31.1% in the 1st quarter. Aviva PLC now owns 105,369 shares of the technology retailer’s stock worth $9,578,000 after purchasing an additional 24,977 shares in the last quarter. Prudential PLC bought a new stake in shares of Best Buy in the 1st quarter worth approximately $499,000. Finally, Cetera Investment Advisers boosted its position in shares of Best Buy by 6.3% in the 1st quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock worth $468,000 after purchasing an additional 305 shares in the last quarter. 79.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Best Buy from $82.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 28th. Truist Financial raised their target price on Best Buy from $67.00 to $69.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. The Goldman Sachs Group lifted their price target on Best Buy from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday. Piper Sandler reduced their price target on Best Buy from $91.00 to $84.00 and set an “overweight” rating for the company in a research report on Monday, August 8th. Finally, JPMorgan Chase & Co. reduced their price target on Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, November 18th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average price target of $82.88.

Best Buy Company Profile

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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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