FY2028 Earnings Forecast for Best Buy Issued By Wedbush

Best Buy Co., Inc. (NYSE:BBY) – Investment analysts at Wedbush issued their FY2028 EPS estimates for shares of Best Buy in a note issued to investors on Monday, March 3rd. Wedbush analyst S. Basham anticipates that the technology retailer will earn $8.33 per share for the year. Wedbush has a “Neutral” rating and a $90.00 price target on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.18 per share.

A number of other research analysts have also issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday. DA Davidson reduced their price target on Best Buy from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday. UBS Group reaffirmed a “buy” rating and issued a $105.00 price objective (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. Telsey Advisory Group reduced their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company dropped their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Trading Up 0.2 %

Shares of Best Buy stock opened at $75.36 on Tuesday. Best Buy has a 52-week low of $69.29 and a 52-week high of $103.71. The stock has a market cap of $16.11 billion, a PE ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. The firm has a 50-day moving average of $85.97 and a 200-day moving average of $90.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00.

Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The company had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the company earned $2.72 earnings per share.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in BBY. QRG Capital Management Inc. raised its stake in shares of Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock valued at $3,279,000 after acquiring an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after purchasing an additional 19,405 shares during the period. Pinnacle Financial Partners Inc bought a new position in Best Buy during the 4th quarter worth $3,293,000. Klein Pavlis & Peasley Financial Inc. lifted its holdings in Best Buy by 48.6% during the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer’s stock worth $2,265,000 after buying an additional 8,640 shares during the period. Finally, Alberta Investment Management Corp raised its holdings in Best Buy by 424.0% during the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer’s stock worth $2,248,000 after purchasing an additional 21,200 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the sale, the chief financial officer now directly owns 92,070 shares in the company, valued at approximately $8,052,442.20. The trade was a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a dividend yield of 5.04%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone 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 products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.