Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

Best Buy Co., Inc. (NYSE:BBY - Get Rating) - Research analysts at DA Davidson upped their FY2023 earnings per share (EPS) estimates for Best Buy in a note issued to investors on Wednesday, August 31st. DA Davidson analyst M. Baker now expects that the technology retailer will earn $6.20 per share for the year, up from their prior estimate of $6.08. DA Davidson currently has a "Buy" rating and a $99.00 price target on the stock. The consensus estimate for Best Buy's current full-year earnings is $6.09 per share. DA Davidson also issued estimates for Best Buy's FY2024 earnings at $7.34 EPS.

Best Buy (NYSE:BBY - Get Rating) last announced its earnings results on Tuesday, August 30th. The technology retailer reported $1.54 EPS for the quarter, topping the consensus estimate of $1.27 by $0.27. The company had revenue of $10.33 billion for the quarter, compared to analysts' expectations of $10.25 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The business's revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.98 earnings per share.

Several other equities analysts have also weighed in on BBY. UBS Group cut their target price on Best Buy from $80.00 to $76.00 and set a "neutral" rating on the stock in a research note on Thursday, July 28th. Guggenheim dropped their price target on Best Buy from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Monday, August 1st. Piper Sandler dropped their price target on Best Buy from $91.00 to $84.00 and set an "overweight" rating on the stock in a research report on Monday, August 8th. Citigroup raised their price target on Best Buy from $59.00 to $61.00 and gave the stock a "sell" rating in a research report on Wednesday. Finally, Bank of America lowered Best Buy from a "buy" rating to a "neutral" rating in a research report on Tuesday, June 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $86.13.Best Buy Price Performance

Best Buy stock opened at $71.85 on Friday. Best Buy has a 12-month low of $64.29 and a 12-month high of $141.97. The business's 50-day simple moving average is $74.77 and its 200 day simple moving average is $84.57. The company has a quick ratio of 0.24, a current ratio of 0.96 and a debt-to-equity ratio of 0.42. The stock has a market cap of $16.18 billion, a price-to-earnings ratio of 7.97, a P/E/G ratio of 0.68 and a beta of 1.50. Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 4.90%. The ex-dividend date of this dividend is Monday, September 19th. Best Buy's dividend payout ratio (DPR) is 39.07%. Insider Buying and Selling at Best Buy

In other news, CEO Corie S. Barry sold 4,388 shares of the firm's stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $70.00, for a total value of $307,160.00. Following the completion of the transaction, the chief executive officer now directly owns 315,313 shares of the company's stock, valued at $22,071,910. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Matthew M. Bilunas sold 890 shares of Best Buy stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $79.09, for a total transaction of $70,390.10. Following the completion of the sale, the chief financial officer now owns 59,513 shares of the company's stock, valued at $4,706,883.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 4,388 shares of the firm's stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $307,160.00. Following the sale, the chief executive officer now owns 315,313 shares in the company, valued at approximately $22,071,910. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,334 shares of company stock valued at $381,538. Company insiders own 0.44% of the company's stock. Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. IFM Investors Pty Ltd grew its stake in shares of Best Buy by 17.4% in the first quarter. IFM Investors Pty Ltd now owns 35,466 shares of the technology retailer's stock worth $3,224,000 after purchasing an additional 5,249 shares during the last quarter. State Street Corp boosted its position in Best Buy by 2.8% during the 4th quarter. State Street Corp now owns 10,400,021 shares of the technology retailer's stock valued at $1,063,725,000 after acquiring an additional 282,542 shares in the last quarter. abrdn plc boosted its position in Best Buy by 0.5% during the 4th quarter. abrdn plc now owns 147,880 shares of the technology retailer's stock valued at $15,024,000 after acquiring an additional 696 shares in the last quarter. Independent Advisor Alliance bought a new stake in Best Buy during the 1st quarter valued at approximately $275,000. Finally, Avidian Wealth Solutions LLC boosted its position in Best Buy by 28.4% during the 1st quarter. Avidian Wealth Solutions LLC now owns 3,818 shares of the technology retailer's stock valued at $347,000 after acquiring an additional 844 shares in the last quarter. Hedge funds and other institutional investors own 79.86% of the company's stock. 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.See AlsoGet a free copy of the StockNews.com research report on Best Buy (BBY)Lululemon Set To Soar Into SeptemberCould Nike Stock be Oversold, but Still Overvalued?Is Alcoa A Buy After Strong Q2 Results And More Share Buybacks?Will Royal Caribbean's Broadband Partnership Drive Revenue?Chip Gear Maker Entegris Has Potential, But Is It Buyable Now?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Best Buy, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Best Buy wasn't on the list.

While Best Buy currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Complete the form below to receive the latest headlines and analysts' recommendations for your stocks with our free daily email newsletter:

Tom remains optimistic about investors’ prospects going forward, even as the market reacts to the words of Fed Chair Jerome Powell about “pain ahead.”

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

Twitter Facebook StockTwits Financial Juice YouTube

© American Consumer News, LLC dba MarketBeat® 2010-2022. All rights reserved. 326 E 8th St #105, Sioux Falls, SD 57103 | contact@marketbeat.com | (844) 978-6257 MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Our Accessibility Statement | Terms of Service | Privacy Policy | Do Not Sell My Information | RSS Feeds

© 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart's disclaimer.