KeyCorp Comments on Best Buy Co., Inc.’s Q4 2023 Earnings (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBYGet Rating) – Equities research analysts at KeyCorp cut their Q4 2023 earnings per share estimates for shares of Best Buy in a report released on Tuesday, November 22nd. KeyCorp analyst B. Thomas now anticipates that the technology retailer will earn $1.99 per share for the quarter, down from their prior estimate of $2.04. The consensus estimate for Best Buy’s current full-year earnings is $6.20 per share. KeyCorp also issued estimates for Best Buy’s FY2024 earnings at $6.70 EPS.

Best Buy (NYSE:BBYGet Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The technology retailer reported $1.38 EPS for the quarter, topping the consensus estimate of $1.03 by $0.35. The firm had revenue of $10.59 billion during the quarter, compared to the consensus estimate of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 earnings per share.

Several other analysts also recently commented on BBY. Bank of America increased their price objective on Best Buy from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup increased their price target on Best Buy from $61.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price target on Best Buy from $85.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, November 18th. The Goldman Sachs Group increased their price objective on Best Buy from $56.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday. Finally, StockNews.com assumed coverage on Best Buy in a report on Wednesday, October 12th. They set a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $80.75.

Best Buy Stock Performance

Shares of Best Buy stock opened at $82.39 on Thursday. The company has a market cap of $18.55 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.73 and a beta of 1.46. Best Buy has a 52 week low of $60.78 and a 52 week high of $121.87. The business has a 50 day moving average price of $68.00 and a 200-day moving average price of $73.04. The company has a quick ratio of 0.27, a current ratio of 0.98 and a debt-to-equity ratio of 0.38.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Community Bank & Trust Waco Texas lifted its holdings in shares of Best Buy by 0.7% in the 1st quarter. Community Bank & Trust Waco Texas now owns 17,720 shares of the technology retailer’s stock worth $1,611,000 after acquiring an additional 126 shares during the last quarter. Andesa Financial Management Inc. raised its position in Best Buy by 0.7% in the 1st quarter. Andesa Financial Management Inc. now owns 20,227 shares of the technology retailer’s stock worth $1,843,000 after purchasing an additional 142 shares during the period. Laffer Tengler Investments lifted its stake in Best Buy by 3.4% in the third quarter. Laffer Tengler Investments now owns 4,533 shares of the technology retailer’s stock worth $287,000 after purchasing an additional 151 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Best Buy by 11.8% during the first quarter. Quadrant Capital Group LLC now owns 1,483 shares of the technology retailer’s stock valued at $134,000 after buying an additional 156 shares during the period. Finally, Wambolt & Associates LLC grew its stake in shares of Best Buy by 0.9% during the first quarter. Wambolt & Associates LLC now owns 18,204 shares of the technology retailer’s stock valued at $1,645,000 after buying an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 79.86% of the company’s stock.

Insider Buying and Selling

In related news, EVP Damien Harmon sold 1,308 shares of the 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 sale, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Best Buy news, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the sale, the executive vice president now owns 50,101 shares in the company, valued at $3,625,809.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Damien Harmon sold 1,308 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $76.58, for a total value of $100,166.64. Following the transaction, the executive vice president now owns 44,910 shares in the company, valued at $3,439,207.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,533 shares of company stock worth $1,925,382. Corporate insiders own 0.44% of the company’s stock.

Best Buy Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 12th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 52.69%.

About Best Buy

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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 and Estimates for Best Buy (NYSE:BBY)

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