Best Buy (NYSE:BBY) Releases Earnings Results, Beats Estimates By $0.11 EPS

Best Buy (NYSE:BBY) posted its earnings results on Tuesday. The technology retailer reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.11, FiscalAI reports. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.

Best Buy Price Performance

BBY opened at $61.64 on Tuesday. The business has a fifty day moving average of $66.90 and a 200 day moving average of $72.94. The stock has a market cap of $12.92 billion, a P/E ratio of 20.41, a PEG ratio of 1.48 and a beta of 1.46. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. Best Buy has a 52-week low of $54.99 and a 52-week high of $90.86.

Institutional Trading of Best Buy

Large investors have recently made changes to their positions in the stock. Palisade Asset Management LLC bought a new position in shares of Best Buy in the third quarter worth about $25,000. Atlas Capital Advisors Inc. bought a new stake in Best Buy during the 4th quarter valued at about $32,000. CYBER HORNET ETFs LLC purchased a new stake in Best Buy in the 2nd quarter valued at about $33,000. MUFG Securities EMEA plc bought a new position in Best Buy in the 2nd quarter worth about $38,000. Finally, DV Equities LLC bought a new position in Best Buy in the 4th quarter worth about $38,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Citigroup lowered their price objective on shares of Best Buy from $82.00 to $67.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Wedbush lowered their price target on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Jefferies Financial Group dropped their price target on Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Piper Sandler decreased their price objective on Best Buy from $76.00 to $71.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Finally, Evercore lowered their price objective on Best Buy from $80.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, February 3rd. Seven equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy has a consensus rating of “Hold” and an average target price of $80.05.

About Best Buy

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.