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

Best Buy (NYSE:BBY – Get Rating) posted its quarterly earnings data on Thursday. The technology retailer reported $1.15 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $9.47 billion for the quarter, compared to analyst estimates of $9.53 billion. During the same quarter last year, the company earned $1.57 earnings per share. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. Best Buy updated its FY24 guidance to $5.70-6.50 EPS.

Best Buy Price Performance

BBY stock opened at $69.15 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.98 and a debt-to-equity ratio of 0.42. Best Buy has a 52-week low of $60.78 and a 52-week high of $93.32. The stock’s 50 day moving average is $73.76 and its two-hundred day moving average is $79.02. The company has a market capitalization of $15.12 billion, a PE ratio of 10.99, a P/E/G ratio of 1.40 and a beta of 1.50.

Best Buy Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on BBY. Credit Suisse Group decreased their price target on Best Buy from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday, March 3rd. Barclays decreased their price target on Best Buy from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, March 3rd. UBS Group raised their price target on Best Buy from $80.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, February 24th. 58.com reissued a “maintains” rating on shares of Best Buy in a research note on Thursday, May 11th. Finally, Citigroup reduced their price objective on Best Buy from $72.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, May 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.00.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry sold 25,511 shares of Best Buy stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $77.95, for a total transaction of $1,988,582.45. Following the sale, the chief executive officer now directly owns 364,041 shares in the company, valued at approximately $28,376,995.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason J. Bonfig sold 10,963 shares of Best Buy stock in a transaction that occurred on 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 transaction, the insider now owns 46,250 shares in the company, valued at approximately $3,605,187.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Corie S. Barry sold 25,511 shares of Best Buy stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 364,041 shares of the company’s stock, valued at approximately $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 in the last three months. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BBY. Price T Rowe Associates Inc. MD grew its position in shares of Best Buy by 32.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer’s stock worth $773,724,000 after acquiring an additional 2,409,006 shares in the last quarter. Norges Bank acquired a new position in shares of Best Buy in the 4th quarter worth approximately $161,121,000. Renaissance Technologies LLC grew its position in shares of Best Buy by 1,079.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the technology retailer’s stock worth $104,154,000 after acquiring an additional 1,217,900 shares in the last quarter. Capital World Investors acquired a new position in Best Buy during the 1st quarter valued at approximately $99,081,000. Finally, Schonfeld Strategic Advisors LLC boosted its position in Best Buy by 1,155.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,054,536 shares of the technology retailer’s stock valued at $84,584,000 after purchasing an additional 970,559 shares during the period. Institutional investors and hedge funds own 78.48% of the company’s stock.

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.