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Best Buy Co., Inc. (NYSE:BBY - Get Rating) - Zacks Research decreased their Q3 2023 earnings estimates for shares of Best Buy in a report issued on Tuesday, September 13th. Zacks Research analyst S. Singh now forecasts that the technology retailer will earn $1.01 per share for the quarter, down from their prior estimate of $1.99. The consensus estimate for Best Buy's current full-year earnings is $6.17 per share. Zacks Research also issued estimates for Best Buy's Q4 2023 earnings at $2.07 EPS, FY2023 earnings at $6.19 EPS, Q1 2024 earnings at $1.59 EPS, Q2 2024 earnings at $1.66 EPS, Q3 2024 earnings at $1.40 EPS, Q4 2024 earnings at $2.66 EPS, FY2024 earnings at $7.30 EPS, Q1 2025 earnings at $1.89 EPS, Q2 2025 earnings at $2.23 EPS and FY2025 earnings at $9.33 EPS.
BBY has been the subject of several other research reports. Bank of America cut shares of Best Buy from a "buy" rating to a "neutral" rating in a report on Tuesday, June 14th. Truist Financial upped their target price on shares of Best Buy from $67.00 to $69.00 and gave the company a "hold" rating in a report on Wednesday, August 31st. TheStreet cut shares of Best Buy from a "b-" rating to a "c+" rating in a research note on Tuesday, July 5th. The Goldman Sachs Group reiterated a "sell" rating and issued a $82.00 price target (down previously from $96.00) on shares of Best Buy in a report on Tuesday, June 7th. Finally, UBS Group cut their price target on shares of Best Buy from $80.00 to $76.00 and set a "neutral" rating for the company in a report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Best Buy currently has a consensus rating of "Hold" and an average target price of $86.13.Best Buy Trading Down 1.5 %
Shares of Best Buy stock opened at $72.42 on Friday. The company has a fifty day simple moving average of $75.64 and a 200-day simple moving average of $82.98. Best Buy has a 12-month low of $64.29 and a 12-month high of $141.97. The company has a current ratio of 0.96, a quick ratio of 0.27 and a debt-to-equity ratio of 0.41. The stock has a market cap of $16.30 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 0.67 and a beta of 1.50.
Best Buy (NYSE:BBY - Get Rating) last announced its quarterly earnings data on Tuesday, August 30th. The technology retailer reported $1.54 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.27. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The company had revenue of $10.33 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the prior year, the firm posted $2.98 EPS. The company's quarterly revenue was down 12.8% compared to the same quarter last year. Best Buy Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Shareholders of record on Tuesday, September 20th will be paid a dividend of $0.88 per share. The ex-dividend date is Monday, September 19th. This represents a $3.52 annualized dividend and a dividend yield of 4.86%. Best Buy's dividend payout ratio is currently 47.18%. Insiders Place Their Bets
In related news, CFO Matthew M. Bilunas sold 890 shares of the firm's stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total value of $70,390.10. Following the sale, the chief financial officer now directly 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 hyperlink. In related news, CFO Matthew M. Bilunas sold 890 shares of the firm's stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $79.09, for a total value of $70,390.10. Following the sale, the chief financial officer now directly 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 hyperlink. Also, EVP Damien Harmon sold 1,308 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now directly owns 44,910 shares in the company, valued at $3,439,207.80. The disclosure for this sale can be found here. Insiders have sold 2,254 shares of company stock valued at $174,545 in the last ninety days. Insiders own 0.44% of the company's stock. Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Price T Rowe Associates Inc. MD lifted its position in Best Buy by 1,434.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 4,845,844 shares of the technology retailer's stock valued at $315,901,000 after buying an additional 4,530,018 shares in the last quarter. Norges Bank bought a new stake in shares of Best Buy in the fourth quarter worth $251,898,000. Renaissance Technologies LLC bought a new stake in shares of Best Buy in the second quarter worth $116,725,000. Capital World Investors bought a new stake in shares of Best Buy in the first quarter worth $99,081,000. Finally, Deutsche Bank AG increased its stake in shares of Best Buy by 46.5% in the second quarter. Deutsche Bank AG now owns 1,621,004 shares of the technology retailer's stock worth $105,674,000 after buying an additional 514,856 shares during the last quarter. 79.86% of the stock is owned by institutional investors and hedge funds. 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.Further ReadingGet a free copy of the StockNews.com research report on Best Buy (BBY)Is There a Cure for What is Ailing Teladoc Stock?No One Told These 3 Stocks It’s a Down WeekWhy Medical Products Maker Repligen May Be A Potential Buy At 10%, Is Arbor Realty Trust Dividend Worth It? Investors Should Tune Into RF Industries
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