Equities analysts expect that Best Buy Co Inc (NYSE:BBY) will announce $0.85 earnings per share for the current quarter, according to Zacks. Nine analysts have issued estimates for Best Buy’s earnings, with estimates ranging from $0.79 to $0.90. Best Buy posted earnings of $0.78 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 9%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 15th.
According to Zacks, analysts expect that Best Buy will report full-year earnings of $5.11 per share for the current year, with EPS estimates ranging from $5.03 to $5.22. For the next year, analysts expect that the company will report earnings of $5.57 per share, with EPS estimates ranging from $5.30 to $5.96. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover Best Buy.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.08. The firm had revenue of $9.38 billion during the quarter, compared to the consensus estimate of $9.25 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS.
A number of equities research analysts have recently weighed in on BBY shares. Zacks Investment Research raised Best Buy from a “hold” rating to a “strong-buy” rating and set a $88.00 price target for the company in a research note on Tuesday, July 24th. Morgan Stanley raised their price target on Best Buy from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 29th. Telsey Advisory Group raised their price target on Best Buy from $76.00 to $80.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 29th. JPMorgan Chase & Co. raised their price target on Best Buy from $76.00 to $79.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 29th. Finally, Raymond James raised their price target on Best Buy from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $80.63.
Shares of BBY traded up $1.70 during midday trading on Monday, reaching $72.45. 3,570,187 shares of the stock were exchanged, compared to its average volume of 3,436,145. 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 company has a market capitalization of $21.79 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.23 and a beta of 0.98.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Tuesday, September 18th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Monday, September 17th. Best Buy’s dividend payout ratio is 40.72%.
In other news, SVP Mathew Watson sold 2,131 shares of the stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $77.88, for a total transaction of $165,962.28. Following the transaction, the senior vice president now owns 18,131 shares of the company’s stock, valued at approximately $1,412,042.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 2,982 shares of the stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $78.35, for a total value of $233,639.70. Following the transaction, the chief financial officer now directly owns 72,838 shares in the company, valued at approximately $5,706,857.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,928 shares of company stock worth $5,587,624. 0.75% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Metropolitan Life Insurance Co. NY grew its holdings in Best Buy by 1.7% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 40,220 shares of the technology retailer’s stock valued at $3,000,000 after buying an additional 680 shares during the last quarter. Schroder Investment Management Group grew its holdings in Best Buy by 1.1% in the 2nd quarter. Schroder Investment Management Group now owns 65,132 shares of the technology retailer’s stock valued at $4,884,000 after buying an additional 725 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Best Buy by 3.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 22,879 shares of the technology retailer’s stock valued at $1,707,000 after buying an additional 743 shares during the last quarter. Dorsey Wright & Associates grew its holdings in Best Buy by 8.2% in the 2nd quarter. Dorsey Wright & Associates now owns 10,292 shares of the technology retailer’s stock valued at $768,000 after buying an additional 776 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its holdings in Best Buy by 2.4% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 36,474 shares of the technology retailer’s stock valued at $2,720,000 after buying an additional 867 shares during the last quarter. 83.52% of the stock is currently owned by institutional investors and hedge funds.
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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