Best Buy (NYSE:BBY) Releases Earnings Results, Beats Expectations By $0.35 EPS

Best Buy (NYSE:BBYGet Rating) announced its quarterly earnings results on Tuesday. The technology retailer reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.35, RTT News reports. The firm had revenue of $10.59 billion during the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. Best Buy’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 earnings per share.

Best Buy Stock Performance

Shares of NYSE BBY traded up $2.51 during mid-day trading on Thursday, hitting $82.39. The stock had a trading volume of 6,270,950 shares, compared to its average volume of 3,555,419. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.98. The company has a 50 day moving average of $68.00 and a two-hundred day moving average of $73.04. Best Buy has a twelve month low of $60.78 and a twelve month high of $121.87. The firm has a market cap of $18.55 billion, a PE ratio of 12.33, a PEG ratio of 0.73 and a beta of 1.46.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Monday, December 12th. Best Buy’s payout ratio is 52.69%.

Insider Activity at Best Buy

In related news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $76.58, for a total value of $100,166.64. Following the transaction, the executive vice president now directly owns 44,910 shares of the company’s stock, valued at approximately $3,439,207.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the sale, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction on Friday, September 9th. The shares were 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 a total of 26,533 shares of company stock valued at $1,925,382 in the last ninety days. Company insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in the business. Clearstead Advisors LLC boosted its holdings in Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock valued at $46,000 after purchasing an additional 169 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Best Buy by 4.2% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,238 shares of the technology retailer’s stock valued at $407,000 after purchasing an additional 250 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in Best Buy by 3.8% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,182 shares of the technology retailer’s stock valued at $455,000 after purchasing an additional 265 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Best Buy by 6.3% in the first quarter. Cetera Investment Advisers now owns 5,144 shares of the technology retailer’s stock valued at $468,000 after purchasing an additional 305 shares during the last quarter. Finally, Pathstone Family Office LLC boosted its holdings in Best Buy by 5.1% in the third quarter. Pathstone Family Office LLC now owns 7,164 shares of the technology retailer’s stock valued at $454,000 after purchasing an additional 350 shares during the last quarter. 79.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Best Buy from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley reduced their price objective on shares of Best Buy from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 31st. Telsey Advisory Group boosted their price objective on shares of Best Buy from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective on shares of Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a research note on Friday, November 18th. Finally, Bank of America boosted their price objective on shares of Best Buy from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.75.

Best Buy Company Profile

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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.

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Earnings History for Best Buy (NYSE:BBY)

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