FY2028 Earnings Forecast for Best Buy Issued By Wedbush

Best Buy Co., Inc. (NYSE:BBY) – Stock analysts at Wedbush issued their FY2028 earnings per share estimates for Best Buy in a research report issued to clients and 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.

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

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group reduced their target price on shares of Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday. Telsey Advisory Group reduced their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday. UBS Group restated a “buy” rating and set a $105.00 target price (down previously from $115.00) on shares of Best Buy in a research report on Friday, February 28th. JPMorgan Chase & Co. reduced their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, KeyCorp reissued a “sector weight” rating on shares of Best Buy in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Best Buy currently has an average rating of “Moderate Buy” and an average target price of $93.50.

Best Buy Stock Up 0.2 %

BBY stock opened at $75.36 on Tuesday. Best Buy has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The stock has a fifty day moving average of $85.97 and a 200-day moving average of $90.51. The company has a market capitalization of $16.11 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.10 and a beta of 1.43. 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be given a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. 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 5.04%. Best Buy’s payout ratio is 88.99%.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is owned by insiders.

Institutional Trading of Best Buy

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings 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 worth $1,971,908,000 after buying an additional 191,161 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer’s stock worth $562,880,000 after purchasing an additional 395,415 shares during the period. Raymond James Financial Inc. bought a new stake in Best Buy in the fourth quarter valued at approximately $514,483,000. Geode Capital Management LLC boosted its stake in shares of Best Buy by 4.9% during 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 period. Finally, Bank of New York Mellon Corp grew its holdings 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 worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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.