Best Buy (NYSE:BBY) Issues Earnings Results

Best Buy (NYSE:BBY) posted its earnings results on Thursday. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06, FiscalAI reports. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.

Best Buy Stock Performance

NYSE:BBY opened at $64.54 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy has a 1-year low of $55.10 and a 1-year high of $84.99. The business has a 50 day moving average of $61.74 and a 200 day moving average of $66.83. The company has a market capitalization of $13.60 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.56 and a beta of 1.22.

Best Buy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s dividend payout ratio is presently 76.19%.

Insider Transactions at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 11,356 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the completion of the sale, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $211,137.96. Following the completion of the sale, the chief accounting officer owned 23,192 shares of the company’s stock, valued at $1,484,751.84. The trade was a 12.45% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. Insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Palisade Asset Management LLC bought a new stake in Best Buy in the third quarter valued at approximately $25,000. Atlas Capital Advisors Inc. bought a new position in shares of Best Buy during the fourth quarter valued at approximately $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Best Buy during the second quarter valued at approximately $33,000. MUFG Securities EMEA plc bought a new position in shares of Best Buy during the second quarter valued at approximately $38,000. Finally, DV Equities LLC bought a new position in shares of Best Buy during the fourth quarter valued at approximately $38,000. Institutional investors own 80.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BBY shares. Truist Financial reduced their target price on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a report on Tuesday, March 3rd. Morgan Stanley cut their price objective on Best Buy from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Wednesday, March 4th. Daiwa Securities Group cut their price objective on Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. Weiss Ratings lowered Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Finally, Guggenheim reissued a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Wednesday, March 4th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $70.25.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.