Best Buy (NYSE:BBY) Issues FY24 Earnings Guidance

Best Buy (NYSE:BBY – Get Rating) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $5.70-6.50 for the period, compared to the consensus EPS estimate of $6.20. The company issued revenue guidance of $43.8-45.2 billion, compared to the consensus revenue estimate of $44.57 billion.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Best Buy in a research note on Thursday, May 18th. They issued a hold rating on the stock. 58.com restated a maintains rating on shares of Best Buy in a research note on Thursday, May 11th. Citigroup reduced their price target on shares of Best Buy from $72.00 to $62.00 and set a buy rating on the stock in a research note on Thursday, May 18th. Truist Financial raised their price target on shares of Best Buy from $80.00 to $88.00 and gave the company a buy rating in a research note on Friday, March 3rd. Finally, Telsey Advisory Group downgraded shares of Best Buy from an outperform rating to a market perform rating and reduced their price target for the company from $88.00 to $83.00 in a research note on Monday, February 27th. 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 company. According to MarketBeat, Best Buy has an average rating of Hold and a consensus price target of $80.00.

Best Buy Stock Down 0.5 %

Best Buy stock opened at $69.15 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.41 and a current ratio of 0.98. Best Buy has a 52-week low of $60.78 and a 52-week high of $93.32. The firm has a 50 day moving average price of $73.76 and a two-hundred day moving average price of $79.02. The firm has a market cap of $15.12 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.40 and a beta of 1.50.

Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings results on Thursday, May 25th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.03. The firm had revenue of $9.47 billion during the quarter, compared to analyst estimates of $9.53 billion. Best Buy had a net margin of 3.06% and a return on equity of 55.81%. The company’s revenue was down 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 EPS. Equities analysts predict that Best Buy will post 6.19 EPS for the current year.

Best Buy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 5.32%. Best Buy’s dividend payout ratio (DPR) is 58.51%.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 2,704 shares of the firm’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 $210,776.80. Following the completion of the sale, the chief accounting officer now owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total value of $854,565.85. Following the completion of the sale, the insider now owns 46,250 shares of the company’s stock, valued at approximately $3,605,187.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,704 shares of Best Buy stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $77.95, for a total transaction of $210,776.80. Following the completion of the sale, the chief accounting officer now directly owns 22,329 shares of the company’s stock, valued at approximately $1,740,545.55. The disclosure for this sale can be found here. Insiders sold a total of 57,774 shares of company stock valued at $4,477,413 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

Several hedge funds have recently bought and sold shares of BBY. Clear Street Markets LLC grew its position in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 183 shares during the period. Clearstead Advisors LLC grew its position in Best Buy by 30.5% in the 3rd 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. Quarry LP acquired a new stake in Best Buy in the 1st quarter valued at $48,000. Strategic Investment Solutions Inc. IL purchased a new position in Best Buy during the 1st quarter worth $71,000. Finally, Industrial Alliance Investment Management Inc. boosted its holdings 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 worth $103,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors and hedge funds own 78.48% of the company’s stock.

About Best Buy

(Get Rating)

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.