Best Buy (NYSE:BBY) Issues FY 2023 Earnings Guidance

Best Buy (NYSE:BBYGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $8.40-$9.00 for the period, compared to the consensus estimate of $8.90. The company issued revenue guidance of $48.30 billion-$49.90 billion, compared to the consensus revenue estimate of $50.12 billion.Best Buy also updated its FY23 guidance to $8.40-9.00 EPS.

Shares of BBY stock opened at $71.00 on Wednesday. Best Buy has a one year low of $69.07 and a one year high of $141.97. The company’s 50-day moving average is $91.49 and its 200 day moving average is $100.24. The company has a market capitalization of $15.97 billion, a price-to-earnings ratio of 7.22, a price-to-earnings-growth ratio of 0.86 and a beta of 1.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99.

Best Buy (NYSE:BBYGet Rating) last announced its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $1.57 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.04). The firm had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $10.43 billion. Best Buy had a net margin of 4.74% and a return on equity of 63.23%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period last year, the company posted $2.23 earnings per share. As a group, research analysts predict that Best Buy will post 8.94 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Tuesday, June 14th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.96%. The ex-dividend date is Monday, June 13th. Best Buy’s payout ratio is presently 35.77%.

BBY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Best Buy from $134.00 to $107.00 and set a buy rating on the stock in a report on Monday, February 28th. Telsey Advisory Group lowered their price objective on shares of Best Buy from $130.00 to $90.00 and set an outperform rating on the stock in a research note on Friday, May 20th. Bank of America reduced their price objective on shares of Best Buy from $175.00 to $147.00 and set a buy rating on the stock in a research report on Monday, February 28th. Wedbush cut their target price on shares of Best Buy from $80.00 to $75.00 and set a buy rating for the company in a report on Wednesday. Finally, Morgan Stanley cut their target price on shares of Best Buy from $110.00 to $100.00 and set an equal weight rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $101.47.

In related news, insider Todd G. Hartman sold 1,188 shares of the company’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $95.72, for a total value of $113,715.36. Following the sale, the insider now owns 34,513 shares in the company, valued at $3,303,584.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Todd G. Hartman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total value of $203,460.00. The disclosure for this sale can be found here. Insiders sold 36,955 shares of company stock valued at $3,662,097 over the last quarter. 0.36% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in BBY. Charles Schwab Investment Management Inc. raised its stake in 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 valued at $338,235,000 after purchasing an additional 236,513 shares during the last quarter. Northern Trust Corp grew its holdings in Best Buy by 4.8% in the 1st quarter. Northern Trust Corp now owns 3,672,121 shares of the technology retailer’s stock valued at $333,796,000 after buying an additional 168,940 shares in the last quarter. First Trust Advisors LP grew its holdings in 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 valued at $214,490,000 after buying an additional 420,134 shares in the last quarter. Invesco Ltd. grew its holdings in Best Buy by 24.6% in the 1st quarter. Invesco Ltd. now owns 2,108,275 shares of the technology retailer’s stock valued at $191,643,000 after buying an additional 416,531 shares in the last quarter. Finally, Capital World Investors purchased a new stake in Best Buy in the 1st quarter valued at $99,081,000. 80.79% 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.

See Also

Earnings History and Estimates for Best Buy (NYSE:BBY)

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