$8.65 Billion in Sales Expected for Best Buy Co., Inc. (NYSE:BBY) This Quarter
Wall Street brokerages expect that Best Buy Co., Inc. (NYSE:BBY) will report sales of $8.65 billion for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Best Buy Co.’s earnings, with estimates ranging from $8.58 billion to $8.72 billion. Best Buy Co. posted sales of $8.53 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.4%. The firm is scheduled to report its next quarterly earnings report before the market opens on Tuesday, August 29th.
On average, analysts expect that Best Buy Co. will report full-year sales of $8.65 billion for the current year, with estimates ranging from $40.06 billion to $40.93 billion. For the next fiscal year, analysts expect that the company will post sales of $39.89 billion per share, with estimates ranging from $38.90 billion to $40.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Best Buy Co..
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period last year, the business earned $0.44 EPS. The business’s revenue was up 1.0% on a year-over-year basis.
A number of equities research analysts have recently commented on BBY shares. UBS AG reissued a “buy” rating and issued a $51.00 target price (up from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Bank of America Corporation raised Best Buy Co. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $58.00 in a research note on Tuesday, April 25th. Deutsche Bank AG raised Best Buy Co. from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Tuesday, April 11th. Loop Capital reissued a “buy” rating and issued a $58.00 target price on shares of Best Buy Co. in a research note on Tuesday, April 4th. Finally, Barclays PLC reissued a “buy” rating and issued a $65.00 target price on shares of Best Buy Co. in a research note on Friday, May 26th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $56.76.
In other news, insider Patricia H. Walker sold 9,974 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $59.86, for a total value of $597,043.64. Following the transaction, the insider now owns 24,122 shares of the company’s stock, valued at $1,443,942.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mathew Watson sold 758 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total value of $39,279.56. Following the completion of the transaction, the vice president now directly owns 19,172 shares in the company, valued at approximately $993,493.04. The disclosure for this sale can be found here. Insiders sold 121,917 shares of company stock worth $7,107,375 in the last ninety days. Corporate insiders own 1.21% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Independence Advisors LLC bought a new position in Best Buy Co. during the second quarter valued at approximately $284,000. Huntington National Bank increased its position in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares during the period. Exane Derivatives increased its position in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after buying an additional 1,010 shares during the period. Advisory Services Network LLC bought a new position in Best Buy Co. during the first quarter valued at approximately $134,000. Finally, Heritage Trust Co bought a new position in Best Buy Co. during the first quarter valued at approximately $137,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Best Buy Co. (NYSE BBY) traded up 1.7864% during trading on Thursday, reaching $56.5627. The company’s stock had a trading volume of 664,700 shares. Best Buy Co. has a one year low of $32.02 and a one year high of $61.95. The stock’s 50 day moving average is $56.20 and its 200 day moving average is $50.07. The firm has a market cap of $17.25 billion, a P/E ratio of 15.2173 and a beta of 1.44. Best Buy Co. also was the recipient of unusually large options trading on Monday. Stock traders bought 993 call options on the company. This is an increase of 163% compared to the typical daily volume of 378 call options.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Tuesday, June 13th. Best Buy Co.’s dividend payout ratio (DPR) is currently 36.46%.
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Best Buy Co. Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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