Best Buy Co Inc (NYSE:BBY) – Research analysts at Wedbush upped their FY2019 earnings estimates for Best Buy in a report issued on Wednesday, November 21st. Wedbush analyst M. Pachter now expects that the technology retailer will post earnings of $5.26 per share for the year, up from their previous forecast of $5.13. Wedbush has a “Neutral” rating and a $65.00 price objective on the stock. Wedbush also issued estimates for Best Buy’s Q1 2020 earnings at $0.87 EPS, Q2 2020 earnings at $0.93 EPS, Q3 2020 earnings at $1.13 EPS, Q4 2020 earnings at $2.59 EPS and FY2020 earnings at $5.46 EPS.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.78 earnings per share.
BBY has been the subject of a number of other reports. Barclays reissued a “buy” rating and set a $90.00 target price on shares of Best Buy in a research note on Wednesday, August 29th. Morgan Stanley boosted their target price on shares of Best Buy from $78.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, October 11th. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Bank of America lowered shares of Best Buy from a “buy” rating to a “neutral” rating and lowered their target price for the company from $92.00 to $70.00 in a research note on Tuesday, November 13th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $78.00 target price on shares of Best Buy in a research note on Tuesday, August 28th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $77.06.
Shares of BBY opened at $64.34 on Monday. The firm has a market cap of $16.98 billion, a PE ratio of 14.56, a P/E/G ratio of 1.03 and a beta of 1.01. Best Buy has a 12-month low of $56.80 and a 12-month high of $84.37. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42.
Several hedge funds have recently added to or reduced their stakes in BBY. FMR LLC raised its holdings in Best Buy by 1.1% in the third quarter. FMR LLC now owns 22,729,569 shares of the technology retailer’s stock worth $1,803,818,000 after purchasing an additional 244,475 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Best Buy by 10.0% in the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock worth $517,400,000 after purchasing an additional 591,086 shares in the last quarter. OppenheimerFunds Inc. raised its holdings in Best Buy by 10.1% in the third quarter. OppenheimerFunds Inc. now owns 3,851,524 shares of the technology retailer’s stock worth $305,657,000 after purchasing an additional 353,522 shares in the last quarter. LSV Asset Management raised its holdings in Best Buy by 3.1% in the third quarter. LSV Asset Management now owns 3,230,793 shares of the technology retailer’s stock worth $256,395,000 after purchasing an additional 96,487 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in Best Buy by 647.0% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock worth $225,641,000 after purchasing an additional 2,462,655 shares in the last quarter. Hedge funds and other institutional investors own 84.91% of the company’s stock.
In related news, General Counsel Keith J. Nelsen sold 33,473 shares of Best Buy stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $80.38, for a total value of $2,690,559.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 value of $165,962.28. Following the completion of the sale, the senior vice president now owns 18,131 shares of the company’s stock, valued at $1,412,042.28. The disclosure for this sale can be found here. Insiders sold 76,711 shares of company stock valued at $6,081,426 over the last 90 days. 0.75% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, December 11th will be issued a $0.45 dividend. The ex-dividend date is Monday, December 10th. This represents a $1.80 annualized dividend and a dividend yield of 2.80%. Best Buy’s payout ratio is currently 40.72%.
About Best Buy
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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