Brokerages predict that Best Buy Co Inc (NYSE:BBY) will post $9.54 billion in sales for the current quarter, Zacks reports. Nine analysts have issued estimates for Best Buy’s earnings. The lowest sales estimate is $9.46 billion and the highest is $9.66 billion. Best Buy reported sales of $9.32 billion in the same quarter last year, which indicates a positive year over year growth rate of 2.4%. The company is scheduled to report its next quarterly earnings report on Thursday, November 15th.
According to Zacks, analysts expect that Best Buy will report full-year sales of $42.74 billion for the current financial year, with estimates ranging from $42.47 billion to $43.12 billion. For the next financial year, analysts forecast that the firm will report sales of $43.30 billion, with estimates ranging from $41.86 billion to $44.53 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Best Buy.
Best Buy (NYSE:BBY) last announced its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 EPS for the quarter, topping the consensus estimate of $0.83 by $0.08. The firm had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a net margin of 2.44% and a return on equity of 40.28%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 EPS.
Several research analysts recently commented on BBY shares. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Barclays restated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research report on Wednesday, August 29th. Jefferies Financial Group started coverage on shares of Best Buy in a research report on Tuesday, August 21st. They issued a “hold” rating and a $79.00 price target on the stock. Morgan Stanley raised their price target on shares of Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 29th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $78.00 price target on shares of Best Buy in a research report on Tuesday, August 28th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. Best Buy presently has an average rating of “Hold” and an average target price of $80.75.
BBY traded down $1.37 during trading on Monday, hitting $78.26. The stock had a trading volume of 2,711,300 shares, compared to its average volume of 3,435,682. The company has a market capitalization of $21.38 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 1.23 and a beta of 0.98. Best Buy has a 12 month low of $52.92 and a 12 month high of $84.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.21 and a quick ratio of 0.52.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Tuesday, September 18th will be given a $0.45 dividend. The ex-dividend date is Monday, September 17th. This represents a $1.80 annualized dividend and a yield of 2.30%. Best Buy’s dividend payout ratio is 40.72%.
In other news, insider Patricia H. Walker sold 5,000 shares of Best Buy stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $77.66, for a total transaction of $388,300.00. Following the sale, the insider now directly owns 21,698 shares in the company, valued at approximately $1,685,066.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Mathew Watson sold 2,131 shares of Best Buy stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $77.88, for a total transaction of $165,962.28. Following the sale, the senior vice president now owns 18,131 shares in the company, valued at $1,412,042.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,913 shares of company stock worth $5,351,384. 0.75% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of BBY. Bristol John W & Co. Inc. NY acquired a new stake in shares of Best Buy during the 1st quarter valued at about $129,000. LFA Lugano Financial Advisors SA acquired a new position in Best Buy in the second quarter valued at about $174,000. Private Capital Group LLC boosted its position in Best Buy by 850.7% in the first quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock valued at $201,000 after buying an additional 2,552 shares in the last quarter. Squar Milner Financial Services LLC acquired a new position in Best Buy in the second quarter valued at about $201,000. Finally, Capital Investment Advisors LLC acquired a new position in Best Buy in the second quarter valued at about $210,000. Institutional investors and hedge funds own 83.47% of the company’s stock.
Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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