Best Buy (NYSE:BBY) Announces Quarterly Earnings Results

Best Buy (NYSE:BBYGet Rating) posted its quarterly earnings data on Tuesday. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $10.59 billion for the quarter, compared to the consensus estimate of $10.30 billion. During the same period in the previous year, the business earned $2.08 EPS. Best Buy’s revenue for the quarter was down 11.1% compared to the same quarter last year.

Best Buy Trading Up 3.1 %

Shares of BBY stock opened at $82.39 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96. Best Buy has a 1 year low of $60.78 and a 1 year high of $121.87. The stock has a fifty day moving average of $68.00 and a two-hundred day moving average of $73.04. The firm has a market capitalization of $18.55 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 0.65 and a beta of 1.46.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Tuesday, December 13th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, December 12th. This represents a $3.52 dividend on an annualized basis and a yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 47.18%.

Insiders Place Their Bets

In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Best Buy news, EVP Damien Harmon sold 1,308 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 25,071 shares of the business’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $72.37, for a total value of $1,814,388.27. Following the transaction, the executive vice president now owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,533 shares of company stock worth $1,925,382. 0.44% of the stock is owned by company insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of BBY. Capital World Investors bought a new stake in shares of Best Buy in the 1st quarter worth $99,081,000. First Trust Advisors LP raised its stake in shares of Best Buy by 21.7% in the 1st quarter. First Trust Advisors LP now owns 2,359,623 shares of the technology retailer’s stock worth $214,490,000 after buying an additional 420,134 shares in the last quarter. Invesco Ltd. raised its stake in shares of Best Buy by 24.6% in the 1st quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock worth $191,643,000 after buying an additional 416,531 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 6.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,720,949 shares of the technology retailer’s stock worth $338,235,000 after buying an additional 236,513 shares in the last quarter. Finally, SVB Wealth LLC raised its position in shares of Best Buy by 9,483.7% during the first quarter. SVB Wealth LLC now owns 235,087 shares of the technology retailer’s stock worth $21,370,000 after purchasing an additional 232,634 shares during the period. Institutional investors own 79.86% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wedbush lifted their price objective on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. DA Davidson decreased their target price on Best Buy from $110.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. The Goldman Sachs Group lifted their target price on Best Buy from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler decreased their target price 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, Guggenheim decreased their target price on Best Buy from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, August 1st. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.38.

About Best Buy

(Get Rating)

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.

Recommended Stories

Earnings History 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.