Best Buy Co. EPS Estimates Increased at Jefferies Group (BBY)
Investment analysts at Jefferies Group increased their earnings per share estimates on shares of Best Buy Co. (NYSE:BBY) in a note issued to investors on Wednesday, Analyst Ratings Network reports. The firm currently has a “buy” rating and a $40.00 price target on the company’s shares. They previously had a $35.00 price target on the stock. Jefferies Group’s price target suggests a potential upside of 14.94% from the company’s current price.
The analysts wrote, “BBY handily beat EPS expectations in Q2, reflecting slightly better sales, much better gross margin and continued SG&A savings. Shares have risen sharply, but estimates are still on the rise and management’s turnaround plan is gaining more credibility as each quarter passes. As a result we are sticking with our Buy rating, recognizing the Q4 period is really the defining quarter for this company.”
A number of other analysts have also recently weighed in on BBY. Analysts at BB&T Corp. raised their price target on shares of Best Buy Co. from $36.00 to $42.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at KeyCorp reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Tuesday. Finally, analysts at B. Riley upgraded shares of Best Buy Co. from a “neutral” rating to a “buy” rating in a research note to investors on Tuesday.
Three research analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the stock. Best Buy Co. currently has a consensus rating of “Buy” and a consensus target price of $34.11.
Best Buy Co. (NYSE:BBY) traded down 0.66% during mid-day trading on Wednesday, hitting $34.57. The stock had a trading volume of 2,948,480 shares. Best Buy Co. has a one year low of $11.20 and a one year high of $34.82. The stock’s 50-day moving average is $30.08 and its 200-day moving average is $24.96. The company’s market cap is $11.748 billion. Best Buy Co. also saw some unusual options trading activity on Monday. Stock investors acquired 23,651 call options on the company. This is an increase of 161% compared to the typical volume of 9,073 call options.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 20th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.95%.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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