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

Best Buy (NYSE:BBY) released its quarterly earnings data on Tuesday. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate 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

Shares of BBY opened at $61.64 on Tuesday. The company has a 50 day moving average of $66.90 and a two-hundred day moving average of $72.94. 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 twelve month low of $54.99 and a twelve month high of $90.86. The company has a market cap of $12.92 billion, a price-to-earnings ratio of 20.41, a price-to-earnings-growth ratio of 1.48 and a beta of 1.46.

Institutional Trading of Best Buy

A number of institutional investors have recently made changes to their positions in the business. Palisade Asset Management LLC purchased a new position in Best Buy during the 3rd quarter worth $25,000. Atlas Capital Advisors Inc. acquired a new stake in Best Buy in the fourth quarter worth about $32,000. CYBER HORNET ETFs LLC acquired a new stake in Best Buy in the second quarter worth about $33,000. MUFG Securities EMEA plc purchased a new stake in shares of Best Buy during the second quarter worth about $38,000. Finally, DV Equities LLC purchased a new stake in shares of Best Buy during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wedbush dropped their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 24th. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, January 21st. Daiwa Securities Group boosted their price target on shares of Best Buy from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, November 28th. Finally, Jefferies Financial Group lowered their price target on shares of Best Buy from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $80.05.

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.