Best Buy Co., Inc. (NYSE:BBY) to Post FY2022 Earnings of $10.02 Per Share, DA Davidson Forecasts

Best Buy Co., Inc. (NYSE:BBY) – DA Davidson raised their FY2022 earnings per share (EPS) estimates for Best Buy in a report issued on Wednesday, November 24th. DA Davidson analyst M. Baker now expects that the technology retailer will post earnings of $10.02 per share for the year, up from their previous estimate of $9.85. DA Davidson currently has a “Buy” rating on the stock. DA Davidson also issued estimates for Best Buy’s Q4 2022 earnings at $2.77 EPS and FY2023 earnings at $9.91 EPS.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.13. Best Buy had a return on equity of 64.85% and a net margin of 4.85%. The business had revenue of $11.91 billion during the quarter, compared to analyst estimates of $11.62 billion. During the same period in the prior year, the company posted $2.06 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year.

A number of other equities analysts have also issued reports on the company. Wedbush raised Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Citigroup decreased their price target on Best Buy from $118.00 to $106.00 and set a “sell” rating for the company in a research note on Wednesday. Zacks Investment Research reaffirmed a “buy” rating on shares of Best Buy in a research note on Friday, September 10th. Bank of America raised Best Buy to a “buy” rating and increased their price target for the company from $157.00 to $175.00 in a research note on Wednesday. Finally, Wells Fargo & Company increased their price target on Best Buy from $125.00 to $135.00 and gave the company an “equal weight” rating in a research note on Thursday, November 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Best Buy has a consensus rating of “Buy” and an average price target of $129.20.

Shares of NYSE BBY opened at $116.69 on Thursday. The stock has a fifty day moving average price of $118.20 and a two-hundred day moving average price of $115.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.54 and a current ratio of 1.16. The firm has a market cap of $28.70 billion, a P/E ratio of 11.91, a PEG ratio of 1.79 and a beta of 1.57. Best Buy has a 1 year low of $95.93 and a 1 year high of $141.97.

Several large investors have recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Best Buy by 264.9% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,609 shares of the technology retailer’s stock worth $170,000 after acquiring an additional 1,168 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Best Buy by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 3,139,985 shares of the technology retailer’s stock worth $331,926,000 after acquiring an additional 45,000 shares in the last quarter. Personal CFO Solutions LLC raised its holdings in shares of Best Buy by 26.9% during the third quarter. Personal CFO Solutions LLC now owns 8,240 shares of the technology retailer’s stock worth $871,000 after acquiring an additional 1,749 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Best Buy during the third quarter worth $632,000. Finally, Kentucky Retirement Systems raised its holdings in shares of Best Buy by 3.0% during the third quarter. Kentucky Retirement Systems now owns 13,369 shares of the technology retailer’s stock worth $1,413,000 after acquiring an additional 388 shares in the last quarter. Institutional investors and hedge funds own 78.50% of the company’s stock.

In other news, insider Robert L. Bass sold 5,823 shares of the stock in a transaction on Wednesday, October 13th. The stock was sold at an average price of $110.51, for a total value of $643,499.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,957 shares of company stock valued at $657,868 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 4th. Stockholders of record on Tuesday, December 14th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Monday, December 13th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.40%. Best Buy’s payout ratio is currently 28.57%.

About Best Buy

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 comprises of the 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.

See Also: Discount Rate

Earnings History and Estimates for Best Buy (NYSE:BBY)

Receive News & Ratings for Best Buy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy and related companies with MarketBeat.com's FREE daily email newsletter.