Best Buy (NYSE:BBY – Get Free Report) announced its quarterly earnings results on Thursday. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08, FiscalAI reports. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $9.78 billion for the quarter, compared to the consensus estimate of $9.59 billion. Best Buy updated its FY 2027 guidance to 6.700-6.900 EPS.
Best Buy Stock Up 2.5%
Shares of BBY opened at $87.40 on Thursday. The business’s 50 day moving average is $82.84 and its 200 day moving average is $71.17. The company has a current ratio of 1.12, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Best Buy has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a market capitalization of $18.42 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.29.
Insider Activity at Best Buy
In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares of the company’s stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,002,134 shares of company stock valued at $77,283,527 over the last 90 days. 0.50% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Best Buy
Key Stories Impacting Best Buy
Here are the key news stories impacting Best Buy this week:
- Positive Sentiment: Best Buy reported second-quarter adjusted earnings of $1.47 per share, exceeding the $1.39 analyst consensus, while revenue of $9.78 billion topped expectations of $9.59 billion. Best Buy quarterly earnings report
- Positive Sentiment: Quarterly enterprise comparable sales rose 4.1%, with domestic comparable sales up 4.5%, a significant improvement from the prior year and evidence of strengthening retail performance. Best Buy Reports Second Quarter Results
- Positive Sentiment: Management raised full-year adjusted earnings guidance to $6.70-$6.90 per share, from $6.30-$6.60 previously, signaling increased confidence in profitability. Best Buy Raises Outlook as Sales Grow
- Positive Sentiment: The company also raised its full-year sales forecast, supported by steady demand for technology upgrades and replacement products. Computing was identified as a key area of strength. Best Buy raises annual sales forecast
- Neutral Sentiment: Best Buy is preparing for incoming CEO Jason Bonfig. The leadership transition adds a future execution consideration, but the current results indicate that the business turnaround is gaining traction. Best Buy tops quarterly estimates and raises outlook
- Negative Sentiment: International revenue declined year over year, and management continues to operate against a backdrop of cautious consumer spending, which could limit discretionary electronics demand.
Wall Street Analysts Forecast Growth
A number of research firms have commented on BBY. Morgan Stanley lifted their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. The Goldman Sachs Group lifted their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a report on Friday, May 29th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research report on Monday, June 22nd. Jefferies Financial Group downgraded Best Buy from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $85.00 in a research note on Wednesday, August 5th. Finally, Truist Financial raised shares of Best Buy from a “hold” rating to a “buy” rating and upped their price target for the company from $81.00 to $95.00 in a research report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $83.10.
Read Our Latest Stock Report on BBY
Best Buy Company Profile
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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