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

Best Buy (NYSE:BBY – Get Rating) posted its earnings results on Thursday. The technology retailer reported $1.15 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $9.47 billion during the quarter, compared to analyst estimates of $9.53 billion. During the same period in the previous year, the company earned $1.57 EPS. The company’s revenue for the quarter 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 $71.28 on Friday. The business’s fifty day moving average price is $73.65 and its two-hundred day moving average price is $78.97. Best Buy has a fifty-two week low of $60.78 and a fifty-two week high of $93.32. The stock has a market capitalization of $15.59 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.98 and a quick ratio of 0.41.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 5.16%. Best Buy’s dividend payout ratio (DPR) is 58.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Credit Suisse Group reduced their target price on Best Buy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. DA Davidson reduced their target price on Best Buy from $99.00 to $96.00 and set a “buy” rating for the company in a report on Friday, March 3rd. Truist Financial boosted their target price on Best Buy from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, March 3rd. 58.com restated a “maintains” rating on shares of Best Buy in a report on Thursday, May 11th. Finally, Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $88.00 to $83.00 in a research report on Monday, February 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $79.38.

Insider Buying and Selling at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 25,511 shares of the business’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value of $1,988,582.45. Following the transaction, the chief executive officer now owns 364,041 shares of the company’s stock, valued at $28,376,995.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Best Buy news, insider Jason J. Bonfig sold 10,963 shares of the stock in a transaction dated Tuesday, March 21st. The stock was 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 directly owns 46,250 shares in the company, valued at $3,605,187.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry sold 25,511 shares of the stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total value 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 $28,376,995.95. The disclosure for this sale can be found here. Insiders have sold 57,774 shares of company stock worth $4,477,413 over the last three months. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Clear Street Markets LLC boosted its position in Best Buy by 90.6% during the first 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 last quarter. Clearstead Advisors LLC boosted its position in Best Buy by 30.5% during 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 last quarter. Quarry LP acquired a new position in Best Buy during the first quarter valued at approximately $48,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Best Buy in the first quarter valued at approximately $71,000. Finally, Industrial Alliance Investment Management Inc. lifted its position in shares of Best Buy by 421.9% in the fourth quarter. Industrial Alliance Investment Management Inc. now owns 1,289 shares of the technology retailer’s stock valued at $103,000 after buying an additional 1,042 shares during the last quarter. 78.48% of the stock is currently owned by institutional investors.

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.