DA Davidson Brokers Decrease Earnings Estimates for Best Buy

Best Buy Co., Inc. (NYSE:BBY) – Equities research analysts at DA Davidson lowered their FY2026 earnings per share estimates for Best Buy in a research note issued to investors on Wednesday, March 5th. DA Davidson analyst M. Baker now anticipates that the technology retailer will earn $6.35 per share for the year, down from their prior forecast of $6.76. DA Davidson currently has a “Buy” rating and a $110.00 target price on the stock. The consensus estimate for Best Buy’s current full-year earnings is $6.18 per share.

A number of other analysts have also issued reports on BBY. Truist Financial reduced their target price on Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a report on Wednesday. Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Piper Sandler cut their price objective on Best Buy from $102.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday. Bank of America cut their price objective on Best Buy from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Wednesday. Finally, UBS Group reiterated a “buy” rating and set a $105.00 price objective (down from $115.00) on shares of Best Buy in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.50.

Best Buy Price Performance

BBY opened at $79.66 on Friday. The stock has a fifty day moving average of $85.58 and a 200-day moving average of $90.43. The firm has a market capitalization of $17.03 billion, a P/E ratio of 13.62, a PEG ratio of 2.10 and a beta of 1.43. Best Buy has a 12-month low of $69.29 and a 12-month high of $103.71. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

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

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a dividend of $0.95 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 4.77%. The ex-dividend date is Tuesday, March 25th. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Insider Buying and Selling at Best Buy

In other Best Buy news, CFO Matthew M. Bilunas sold 69,166 shares of the firm’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 transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. This trade represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer’s stock valued at $1,971,908,000 after purchasing an additional 191,161 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock valued at $562,880,000 after purchasing an additional 395,415 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at about $514,483,000. Geode Capital Management LLC grew its position in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after purchasing an additional 239,840 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Best Buy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock valued at $328,136,000 after purchasing an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

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.