Wall Street brokerages expect Best Buy Co Inc (NYSE:BBY) to announce sales of $10.17 billion for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Best Buy’s earnings. The highest sales estimate is $10.50 billion and the lowest is $9.81 billion. Best Buy posted sales of $9.76 billion during the same quarter last year, which suggests a positive year over year growth rate of 4.2%. The company is scheduled to issue its next quarterly earnings results on Tuesday, November 24th.
On average, analysts expect that Best Buy will report full-year sales of $43.94 billion for the current financial year, with estimates ranging from $43.24 billion to $45.12 billion. For the next fiscal year, analysts forecast that the business will report sales of $45.32 billion, with estimates ranging from $44.42 billion to $46.93 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Best Buy.
Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.62. Best Buy had a return on equity of 48.82% and a net margin of 3.75%. The firm had revenue of $9.91 billion during the quarter, compared to analyst estimates of $9.79 billion. During the same quarter in the previous year, the firm earned $1.08 EPS. Best Buy’s quarterly revenue was up 3.9% compared to the same quarter last year.
BBY has been the topic of a number of research analyst reports. Nomura Instinet lowered their price target on Best Buy from $85.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 22nd. Barclays raised shares of Best Buy to a “buy” rating in a report on Wednesday. Guggenheim raised Best Buy to a “buy” rating in a report on Wednesday. Telsey Advisory Group lifted their price objective on Best Buy from $120.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Loop Capital upgraded Best Buy to a “buy” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $100.48.
In other news, insider Kathleen Scarlett sold 1,348 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $77.58, for a total transaction of $104,577.84. Following the completion of the sale, the insider now owns 58,560 shares of the company’s stock, valued at $4,543,084.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Whitney L. Alexander sold 9,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $98.42, for a total transaction of $885,780.00. The disclosure for this sale can be found here. Insiders have sold a total of 765,549 shares of company stock worth $65,848,211 in the last quarter. Insiders own 0.64% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Vanguard Group Inc. increased its stake in Best Buy by 6.0% during the second quarter. Vanguard Group Inc. now owns 29,346,566 shares of the technology retailer’s stock worth $2,561,075,000 after purchasing an additional 1,662,640 shares during the period. APG Asset Management N.V. lifted its position in shares of Best Buy by 65.7% in the 1st quarter. APG Asset Management N.V. now owns 3,221,797 shares of the technology retailer’s stock worth $203,893,000 after buying an additional 1,277,308 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Best Buy by 34.2% in the 1st quarter. AQR Capital Management LLC now owns 4,044,130 shares of the technology retailer’s stock valued at $230,516,000 after buying an additional 1,029,966 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 46.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,172,487 shares of the technology retailer’s stock valued at $276,863,000 after purchasing an additional 1,007,028 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of Best Buy by 26.6% in the first quarter. Janus Henderson Group PLC now owns 3,899,726 shares of the technology retailer’s stock valued at $222,287,000 after purchasing an additional 819,725 shares during the period. Institutional investors and hedge funds own 77.43% of the company’s stock.
Shares of NYSE BBY opened at $111.22 on Friday. The company has a 50 day moving average of $99.33 and a 200 day moving average of $81.41. The company has a quick ratio of 0.57, a current ratio of 1.06 and a debt-to-equity ratio of 0.17. Best Buy has a twelve month low of $48.10 and a twelve month high of $119.48. The firm has a market cap of $29.01 billion, a P/E ratio of 17.94, a PEG ratio of 2.28 and a beta of 1.50.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, September 14th. Best Buy’s payout ratio is 36.24%.
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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7 Stocks to Buy Before the Economy Reopens
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