FY2022 Earnings Forecast for Best Buy Co., Inc. Issued By DA Davidson (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY) – Research analysts at DA Davidson upped their FY2022 earnings per share estimates for Best Buy in a report released on Wednesday, November 24th. DA Davidson analyst M. Baker now anticipates that the technology retailer will earn $10.02 per share for the year, up from their previous forecast of $9.85. DA Davidson has a “Buy” rating on the stock. DA Davidson also issued estimates for Best Buy’s Q4 2022 earnings at $2.77 EPS and FY2023 earnings at $9.91 EPS.

A number of other research analysts also recently issued reports on BBY. Wedbush upgraded Best Buy to a “buy” rating in a research note on Wednesday, August 25th. Wells Fargo & Company lifted their target price on Best Buy from $125.00 to $135.00 and gave the company an “equal weight” rating in a research note on Thursday, November 18th. Zacks Investment Research reissued a “buy” rating on shares of Best Buy in a report on Friday, September 10th. Telsey Advisory Group raised their price target on Best Buy from $140.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday, August 25th. Finally, Jefferies Financial Group reduced their price objective on Best Buy from $145.00 to $137.00 and set a “buy” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $129.20.

Shares of NYSE BBY opened at $116.69 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.54 and a current ratio of 1.16. Best Buy has a fifty-two week low of $95.93 and a fifty-two week high of $141.97. The firm has a market capitalization of $28.70 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.79 and a beta of 1.57. The stock’s 50-day simple moving average is $118.20 and its 200-day simple moving average is $115.50.

Best Buy (NYSE:BBY) last posted its earnings results on Tuesday, November 23rd. The technology retailer reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.13. The firm had revenue of $11.91 billion for the quarter, compared to analyst estimates of $11.62 billion. Best Buy had a return on equity of 64.85% and a net margin of 4.85%. Best Buy’s revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.06 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 4th. Investors of record on Tuesday, December 14th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, December 13th. This represents a $2.80 annualized dividend and a dividend yield of 2.40%. Best Buy’s dividend payout ratio is 28.57%.

In other Best Buy news, insider Robert L. Bass sold 5,823 shares of the stock in a transaction on Wednesday, October 13th. The shares were sold at an average price of $110.51, for a total transaction of $643,499.73. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 5,957 shares of company stock valued at $657,868. 0.36% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in BBY. Stonebridge Capital Advisors LLC lifted its stake in Best Buy by 65.4% during the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 100 shares during the period. MV Capital Management Inc. raised its stake in shares of Best Buy by 64.2% in the second quarter. MV Capital Management Inc. now owns 266 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 104 shares during the last quarter. Jacobi Capital Management LLC bought a new position in shares of Best Buy in the third quarter valued at approximately $29,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Best Buy by 279.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 300 shares of the technology retailer’s stock valued at $34,000 after purchasing an additional 221 shares in the last quarter. Finally, TCI Wealth Advisors Inc. increased its holdings in shares of Best Buy by 34.6% in the third quarter. TCI Wealth Advisors Inc. now owns 362 shares of the technology retailer’s stock valued at $38,000 after purchasing an additional 93 shares in the last quarter. 78.50% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment comprises of the operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales.

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

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